(RTTNews) - Express, Inc. (EXPR) Monday announced the filing of Chapter 11 bankruptcy protection, along with its subsidaries, in the U.S. Bankruptcy Court for the District of Delaware.
Express plans to close 95 of its Express stores and all UpWest locations, with closing sales scheduled to begin on April 23.
The company stated that operating hours for the remaining stores will remain unchanged, and it will continue to accept orders and returns.
Additionally, Express secured $35 million in new financing from existing lenders and has received a non-binding letter of intent for the potential sale of a majority of its retail stores and operations from a consortium led by WHP Global.
"WHP has been a strong partner to the company since 2023, and the proposed transaction will provide us additional financial resources, better position the business for profitable growth, and maximize value for our stakeholders," Stewart Glendinning, Express Inc. CEO, said.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
