Once-buzzed-about workwear retailer Express officially filed for Chapter 11 bankruptcy protection in the US on Monday.
The retailer will be closed 100 stores across the country, court documents filed in Delaware said. The listed assets and liabilities are estimated to be worth between $1 billion and $10 billion.
Express' portfolio includes brands such as Express, Bonobos and UpWest. The company recently acquired Bonobos, a menswear company, in May 2023 by Walmart Inc. in a joint acquisition with WHP Globals for approximately $75 million.
Connected: Walmart sells Bonobos at a $235 million loss
“We continue to make significant progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” said Stewart Glendinning, CEO of Express, in a company statement. “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives. WHP has been a strong partner of the company since 2023, and the proposed transaction will provide us with additional financial resources, better position the business for profitable growth and maximize value for our stakeholders.”
Glendinning said the company's top priority will continue to be “offering our customers the contemporary styles and values they expect from us” and that the company will operate as usual both online and in-store.
it's evaluated that Express operates 530 Express and Factory Outlet brand stores throughout the US and Puerto Rico. The company has not yet announced which locations will be closed.
The company will close all five of its UpWest locations.
Express was founded in 1980 and quickly gained popularity as an affordable destination for women's and men's office wear, especially during the height of the US mall era.
The move will also install Mark Still as permanent CFO, effective immediately, a position he has served on an interim basis since November 2023.
Connected: Bonobos CEO resigns suddenly after 3 months on the job
Stores will begin closing on April 23.