Express, Inc., along with its subsidiaries, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on Monday. Express is planning to shut down 95 of its stores as well as all UpWest locations, with liquidation sales beginning on April 23.
The company assured that the working hours for the remaining outlets will not change and they will continue to receive orders and process returns. In addition, Express has managed to secure $35 million as new financing from its present lenders and has also received a non-binding letter of intent from a consortium headed by WHP Global for the potential sale of the majority of its retail stores and operations.
"WHP has been a valued partner since 2023. The proposed deal will give us extra financial resources, help position the business for profitable growth, and maximize the value for our stakeholders," said Express Inc. CEO, Stewart Glendinning.
