Express, retailer of UpWest & Bonobos, files for bankruptcy and shutters 100+ stores

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Express Inc., the parent company of popular brands such as UpWest and Bonobos, has filed for Chapter 11 bankruptcy protection. This move by the Columbus, Ohio-based fashion retailer is set to send ripples through the apparel industry.

 

The company, which has been a staple in the fashion world since its inception, announced plans to shutter 107 of its 602 stores. This decision comes as part of a larger strategy to sell off the majority of its retail locations. The closures will affect both Express retail stores and all of its UpWest locations.

 

Express Inc.'s portfolio, which includes brands such as Express, Bonobos, and UpWest, listed assets and liabilities in the range of $1 billion to $10 billion. The company has received a commitment for $35 million in new financing from some of its existing lenders. This financial restructuring is expected to help the company navigate through these challenging times.

 

The company’s decision to file for bankruptcy protection is seen as a strategic move to facilitate a formal sale process. Express Inc. has 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.

 

How will this bankruptcy filing impact the future of the retail industry, and what does it mean for other fashion retailers? We invite our readers to share their thoughts and perspectives on this unfolding situation.

 

 

Read more:

• https://www.businessoffashion.com/news/retail/express-files-for-us-bankruptcy-protection-to-close-over-100-stores/
• https://www.courant.com/2024/04/22/express-files-for-chapter-11-bankruptcy-protection-announces-store-closures-possible-sale/
• https://rebusinessonline.com/fashion-retailer-express-files-for-bankruptcy-plans-to-close-107-stores-and-sell-to-investment-group/

 

Image:  Timon Schneider | Dreamstime.com