Clothes retailer Express files for bankruptcy protection and announces it will close over 100 stores in US

Fashion retailer Express has filed for Chapter 11 bankruptcy and intends to close more than 100 stores.

The retailer, whose portfolio includes brands such as Express, Bonobos and UpWest Express, listed assets and liabilities in the range of $1 billion to $10 billion, according to a filing with the bankruptcy court in Delaware on Monday.

As part of the bankruptcy process, the company will close approximately 95 Express retail stores and all of its 12 UpWest stores, starting on Tuesday. It did not specify which locations would be closing.

Launched in 1980, Express was once a destination for well-priced office attire but has been battling with soft consumer demand due to slowing spending and increased price sensitivity.

UpWest, the company's lifestyle spinoff brand, was launched in 2019 and sold casual clothes and sleepwear for men and women.  

Fashion retailer Express has filed for Chapter 11 bankruptcy and intends to close 95 Express locations across the US

Express manages the brand UpWest. All 12 of its stories will now close, according to a company statement

Chapter 11 will allow the company to continue operating while restructuring its debt.

All of its brands' online platforms will continue to accept orders, process returns and redeem gift cards, the company said.

Express also appointed Mark Still as its new chief financial officer, effective immediately. The executive has served as interim CFO since November 2023.

Express has received a commitment for $35 million in new financing from some of its existing lenders, it said.

The company said on Monday that it received a non-binding letter of intent from a consortium led by WHP Global for the sale of a substantial majority of its retail stores and operations.

WHP owns brands including Toys 'R' Us, Isaac Mizrahi and Rag & Bone.

Express operates about 530 Express retail and Express Factory Outlet stores in the US and Puerto Rico and around 12 UpWest retail stores, according to its website.

Express launched in 1980 and was once a hotpot for well-priced office attire, but has been battling with soft consumer demand in recent years

'We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,' chief executive officer Stewart Glendinning said in a statement.

'We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives,' he added.

Its bankruptcy comes after discount store 99 Cents Only announced it would shutter all 371 of its locations. 

Bricks-and-mortar stores in the US are struggling to combat rampant theft and increasingly tight margins. 

In March, sewing and crafts retailer Joann filed for Chapter 11 bankruptcy.