On Monday, Express, a once-bustling workwear retailer, officially filed for Chapter 11 bankruptcy protection in the United States.
The retailer will close 100 stores across the country, court documents filed in Delaware say. The assets and liabilities listed are estimated to cost between $1 billion and $10 billion.
Express’ portfolio includes brands such as Express, Bonobos and UpWest. The company recently acquired Bonobos, a men’s apparel company, in May 2023 from Walmart Inc. in a joint acquisition with WHP Globals for an estimated $75 million.
Related: Walmart sells bonobos at a loss of $235 million
“We continue to make significant progress refining our product assortment, driving demand, connecting with customers and strengthening our operations,” Stewart Glendinning, CEO of Express, said in a company statement. “We are taking an important step that will strengthen our financial position and allow Express to continue to advance 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 positioning the company for profitable growth and maximizing value for our stakeholders.”
Glendinning said the company’s main priority will continue to be “providing our customers with the contemporary styles and value they have come to expect from us” and that the company will operate as usual both online and in-store.
Express is estimated to operate 530 Express and Factory Outlet-branded stores in the United States and Puerto Rico. The company has not yet revealed which locations will close.
The company will close all five of its UpWest locations.
Express was founded in 1980 and quickly gained popularity as a convenient destination for office apparel for women and men, especially during the height of the mall era in the United States
The move will also place Mark Still as permanent CFO, effective immediately, a position he will hold on an interim basis since November 2023.
Related: Bonobo CEO Abruptly Resigns After 3 Months on the Job
Stores will begin closing on April 23.