Express closing more than 100 stores after filing for bankruptcy

Trendy manner retailer Express Inc. has filed for bankruptcy aft consistently struggling with continued missteps implicit its merchandise premix that failed to get shoppers excited.

The retailer filed with the bankruptcy tribunal successful Delaware and said it besides plans to shutter respective stores arsenic portion of the process.

The institution operates Express, Express mill outlets, Bonobos and UpWest stores nether its firm umbrella and said successful a merchandise Monday that it plans to adjacent 95 Express locations (it operates much than 500 successful the US) and each UpWest locations with closing income astatine those stores acceptable to statesman connected April 23.

All of its brands' online channels volition proceed to judge orders and each brands volition different besides fulfill orders, process returns and redeem acquisition cards and store credits in-store. Customer benefits related to the Express Insider programme volition stay unaffected, the institution said.

"With the institution struggling to summation traction with consumers, it has been evident for rather immoderate clip that bankruptcy was the inevitable destination for Express," Neil Saunders, managing manager of GlobalData, said successful a enactment Monday.

"The woes astatine Express are not each of its ain making. The ceremonial and astute casual marketplace for some men and women has softened implicit caller years due to the fact that of a emergence from moving from location and the casualization of fashion," helium said. "This puts Express firmly connected the incorrect broadside of trends and, successful our view, the concatenation made excessively small effort to adapt."

At the aforesaid time, according to Saunders, the retailer was punished with mediocre income due to the fact that its products were overpriced and bland arsenic compared to its competitors. "As a result, the Express marque itself has go little applicable to shoppers," helium said.

"We proceed to marque meaningful advancement refining our merchandise assortments, driving demand, connecting with customers and strengthening our operations," Stewart Glendinning, Express Inc. CEO, said successful a statement. "We are taking an important measurement that volition fortify our fiscal presumption and alteration Express to proceed advancing our concern initiatives.

Express has besides obtained $35 cardinal successful caller financing from existing lenders and said it has received a non-binding missive of intent from a consortium led by WHP Global for the imaginable merchantability of a important bulk of its retail stores and operations.

"WHP has been a beardown spouse to the institution since 2023, and the projected transaction volition supply america further fiscal resources, amended presumption the concern for profitable maturation and maximize worth for our stakeholders," Glendinning said successful a statement.

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