Express Files Chapter 11, Plans to Close 95 Stores

Struggling fashion retailer Express Inc. (Columbus, Ohio) announced it is planning to sell a substantial part of the firm to consortium led by brand-management firm WHP Global and its partners, Simon Property Group LP and Brookfield Properties.

To facilitate that process, Express and its subsidiaries have filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware and plan to close 95 of its 530 Express and Express Factory Outlet and all 12 of its UpWest stores. (The retailer’s operations also include 60 Bonobos Guideshop locations.)

Express said it has received a commitment for $35 million in new financing from certain of its existing lenders, subject to court approval. Additionally, on April 15, the Company received $49 million in cash from the Internal Revenue Service related to the CARES Act.

“We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” said CEO Stewart Glendinning. “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives. WHP has been a strong partner to the Company since 2023, and the proposed transaction will provide us additional financial resources, better position the business for profitable growth and maximize value for our stakeholders.”