Fashion retailer Express Inc. said Monday that it has filed with Delaware’s bankruptcy court and plans to close 95 out of its 500 U.S. locations. It will also close all UpWest stores, one of the brands under its corporate umbrella.
Both stores, as well as its other brand, Bonobos, will continue to accept website orders, as well as fulfill orders, process returns and redeem gift cards and store credits at the retail locations. GlobalData’s Neil Saunders stated Monday that the market for formal and smart casual apparel has weakened due to the rise in remote work, but that Express also offered overpriced and bland products. “As a result, the Express brand itself has become less relevant to shoppers,” Saunders wrote.
Express has acquired $35 million in new financing from its existing lenders, as well as a non-binding letter of intent for a potential sale of the majority of its retail stores and operations from a WHP Global-led consortium.
“We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” said Express CEO Stewart Glendinning in a statement. “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.
