Express Inc., the Columbus, Ohio-based fashion retailer, is closing up shop in several locations after filing for Chapter 11 bankruptcy protection. In a court move that has sent ripples across retail industries, Express revealed its debt approached nearly $1.2 billion, against $1.3 billion in assets, according to documents filed with the U.S. Bankruptcy Court for the District of Delaware. As reported by FOX 5 DC, this marks a significant downturn for the company that has long been a staple in malls across the nation.
In a detailed disclosure, Express announced the shutdown of numerous locations scattered around 30 states, including the District of Columbia. Major states impacted harbor multiple closures, such as 16 in California, 11 in New York, and seven in New Jersey, per a list obtained by 9News. Yet, despite these setbacks, the retailer commits to maintaining customer service through its Express, Bonobos, and UpWest brands both in remaining stores and online, as stated in an article by 9News.
With about 530 retail locations under the Express and Express Factory Outlet names, in addition to approximately 60 Bonobos Guideshop locations and 12 UpWest stores still operating, Express isn't bowing out without a tactical pivot. Securing a commitment for $35 million in new financing, subject to court approval, Express looks to shore up its finances alongside the $49 million cash injection it previously received, "related to the pandemic-era CARES Act," according to DC News Now.
Not only is Express streamlining its physical presence, but it's also bolstering its leadership in a time of transition. Mark Still steps up to the plate as the new chief financial officer, following a stint as interim CFO since November 2023, Express disclosed. This leadership update accompanies discussions of a sale helmed by WHP Global, known for its holdings in brands such as Toys "R" Us, Anne Klein, and Joseph Abboud, and supported by mall moguls like Simon Property Group, and Brookfield Properties. A revelation that came alongside Express's bankruptcy announcement.
