COLUMBUS, Ohio — Express Inc — once a trendsetter of casual office attire that has struggled to compete with the likes of Zara and H&M — has filed for Chapter 11 bankruptcy protection.
The retailer based in Columbus, Ohio, and founded in 1980 also said Monday it is seeking to sell the majority of its stores.
Express, which is the parent of the Bonbons and UpWest brands, is shuttering a handful of its outlets in the process. In an announcement addressing its bankruptcy filing, the company said it plans to close 95 of its Express retail stores and all 10 of its UpWest stores.
Closing sales at locations being shut down, which span across more than 30 states and Washington, D.C., are set to begin Tuesday. Beyond these closures, Express said that it expects to conduct business as usual.
Also on Monday, Express announced that it received a non-binding letter of intent from a group led by consumer brand acquisition and management firm WHP Global to potentially purchase the majority of its stores and operations. Express said that it had filed for Chapter 11 protection “to facilitate the sale process."
The consortium exploring the deal also includes mall operators Simon Property Group and Brookfield Properties, Express said. WHP, Simon Property and Brookfield did not immediately respond to requests for comment Monday.
Express CEO Stewart Glendinning said WHP "has been a strong partner” of the company's since 2023 — adding that the proposed transaction would give Express additional financial resources and put it in a better position to grow profitably while maximizing value for stakeholders.
Beyond its UpWest storefronts, the company operates about 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico, in addition to roughly 60 Bonobos Guideshop locations as well as online operations for these brands, according to Express’ website.
Express reported nearly $1.2 billion in total debts and $1.3 billion in total assets as of March 2 in its Chapter 11 petition, which was filed in U.S. Bankruptcy Court for the District of Delaware.
The company first started as a women's fashion purveyor and then branched out to men's wear. It offered must-have items, like denim dresses for those looking for trendy outfits in the workplace, at affordable prices.
But increasing competition from fast fashion players like H&M, as well as the rise of Old Navy and athleisure brands like Lululemon, all hurt the brand's sales, said Neil Saunders, a managing director with research firm GlobalData. Saunders also noted that the brand was beset by quality issues, and the pandemic sped up the trend of people working from home, lessening the need for shoppers to buy work outfits.
“Everyone has been nibbling at Express from all sides, and Express doesn't have a defensible proposition," Saunders said.
Express joins a handful of retailers filing for Chapter 11 so far this year, including fabrics and craft retailer Joann. And analysts expect the pace of bankruptcy filings this year to be around the same level — close to 24 — as last year, as shoppers hobbled by high consumer debt remain cautious, according to accounting and advisory firm BDO, which tracks retail bankruptcies.
In 2022, only five retailers filed for bankruptcy protection, according to BDO. The number appeared to indicate a recovery from the pandemic-induced store closures that pushed struggling companies over the edge in 2020, when retail bankruptcies spiked to 35 from 21 the year before, BDO said.
Express said Monday that it has a commitment for $35 million in new financing, which is subject to court approval, from some existing lenders. That would add to the $49 million in cash that it obtained earlier this month from the Internal Revenue Service related to the pandemic-era CARES Act.
Express also announced a leadership update on Monday. Mark Still will become chief financial officer, effective immediately, after serving as interim CFO since November 2023, the company said.
List of Express stores that are closing
Arizona
3111 West Chandler Blvd, Chandler, AZ 85226-5071
California
234 Stonewood Street, Downey, CA 90241-3907
22500 Town Circle, Moreno Valley, CA 92553-7509
24201 Valencia Blvd., Valencia, CA 91355-1861
4485 La Jolla Village Dr, San Diego, CA 92122-6237
14006 Riverside Dr, Sherman Oaks, CA 91423-1945
5680 Bay Street, Emeryville, CA 94608-2408
2800 N Main St, Santa Ana, CA 92705-6607
224 Los Cerritos Center, Cerritos, CA 90703-5423
1640 Camino Del Rio N, San Diego, CA 92108-1506
2149 Montclair Plaza, Montclair, CA 91763-1536
200 E Via Rancho Pkwy, Escondido, CA 92025-8006
2855 Stevens Creek Blvd, Santa Clara, CA 95050-6709
3030 Plaza Bonita Rd., National City, CA 91950-8009
645 Shaw Ave., Fresno, CA 93710-7709
202 W Hilcrest Dr, Thousand Oaks, CA 91360-4210
500 Lakewood Blvd, Lakewood, CA 90712-2407
Colorado
500 16Th St, Denver, CO 80202-4259
One West Flatiron Drive, Broomfield, CO 80021-8881
5971 Sky Pond Drive, Loveland, CO 80537-9011
Connecticut
7 Backus Ave, Danbury, CT 06810-7422
194 Buckland Hills Drive #2500, Manchester, CT 06042-8705
125 West Main Street, Westport, CT 06880-3300
181 Greenwich Ave, Greenwich, CT 06830-6576
Washington, DC
555 11Th St Nw, Washington, DC 20004-1300
Florida
8021 Citrus Park, Tampa, FL 33625-3179
27001 U.S. Highway 19 N, Clearwater, FL 33761-3402
401 Biscayne Blvd., Miami, FL 33132-1924
19501 Biscayne Blvd., Aventura, FL 33180-2342
904 Lincoln Rd, Miami Beach, FL 33139-2602
Georgia
230 18Th Street, Atlanta, GA 30363-1073
400 Ernest W. Barrett Pkwy., Kennesaw, GA 30144-4917
1174 N Point Pkwy, Alpharetta, GA 30004
800 Steven B Tanger Blvd, Commerce, GA 30529-3552
Hawaii
Moanalua Rd, Honolulu, HI 96701-4707
Iowa
150 Tanger Dr., Williamsburg, IA 52361-9653
4444 1St Avenue Ne, Cedar Rapids, IA 52402-3223
320 W. Kimberly Rd., Davenport, IA 52806-5920
Illinois
3333 West Touhy Ave., Lincolnwood, IL 60712-2721
134 St. Clair Square, Fairview Heights, IL 62208-2135
655 West Diversey Parkway, Chicago, IL 60614-1510
17 N State Street, Chicago, IL 60602-3201
Indiana
2121 Southlake Mall, Merrillville, IN 46410-6438
800 N. Green River Rd., Evansville, IN 47715-2471
Louisiana
355 Boardwalk Blvd, Bossier City, LA 71111-4379
Massachusetts
104B N Dartmouth Mall, North Dartmouth, MA 02747-4204
109 Newbury Street, Boston, MA 02116-2902
20-36 District Ave, Dorchester, MA 02125-1680
Maryland
11160 Veirs Mill Rd., Wheaton, MD 20902-2538
8200 Perry Hall Boulevard, Baltimore, MD 21236-4901
2300 North Salisbury Boulevard, Salisbury, MD 21801-7830
Michigan
14600 Lakeside Circle, Sterling Heights, MI 48313-1356
6650 Westredge Ave, Portage, MI 49024-3557
Minnesota
4101 W Division St, Saint Cloud, MN 56301-6600
Missouri
7120 Nw 86 Terrace, Kansas City, MO 64153-1896
North Carolina
3320 Silas Creek Pkwy, Winston Salem, NC 27103-3031
6801 Northlake Mall Dr, Charlotte, NC 28216-0711
Nebraska
414 Gateway Mall, Lincoln, NE 68505-2466
New Hampshire
2 Common Ct, North Conway, NH 03860-5439
New Jersey
110 Garden State Plaza, Paramus, NJ 07652-2417
250 Woodbridge Ctr Dr., Woodbridge, NJ 07095-1321
3710 Route 9, Freehold, NJ 07728-4801
1750 Deptford Center Rd, Deptford Township, NJ 08096-5222
4403 Black Horse Pike, Mays Landing, NJ 08330-3103
112 Eisenhower Pkwy, Livingston, NJ 07039-4995
400 New Jersey 38, Moorestown, NJ 08057-1522
Nevada
1300 Sunset Rd, Henderson, NV 89014-6620
New York
5036 Kings Plaza, Brooklyn, NY 11234-5208
1701 Sunrise Highway, Bayshore, NY 11706-6091
2034 Green Acres Mall, Valley Stream, NY 11581-1535
5130 Xavier Dr., Yonkers, NY 10704-1300
26Th Avenue & Bell Blvd, Bayside, NY 11360-2492
3513 Long Beach Road, Oceanside, NY 11572-5701
490 Fulton St., Brooklyn, NY 11201-5323
1 Sangertown Square, New Hartford, NY 13413-1500
1552 North Broadway, New York, NY 10036-1518
514 Broadway, New York, NY 10012-4427
129 5Th Avenue, New York, NY 10003-1003
Ohio
5001 Monroe, Toledo, OH 43623-3627
7540 Bales St, Liberty Township, OH 45069-7516
Pennsylvania
901 Market Street, Philadelphia, PA 19107-2934
1521 Walnut Street, Philadelphia, PA 19102-3001
Rhode Island
400 Bald Hill Road, Warwick, RI 02886-1617
Tennessee
1800 Galleria Blvd., Franklin, TN 37064-1605
Texas
5488 S. Padre Island Dr., Corpus Christi, TX 78411-4147
13350 Dallas Pkwy, Dallas, TX 75240-6670
6906 N Loop 1604 E, San Antonio, TX 78247-5317
1500 Harvey Rd, College Station, TX 77840-3713
305 West Fm 1382, Cedar Hill, TX 75104-1885
Virginia
21100 Dulles Town Ctr, Sterling, VA 20166-2437
4802 Valley View Blvd, Roanoke, VA 24012-2001
Washington
4750 Division St., Spokane, WA 99208-1411
8700 N.E. Vancouver Mall Dr., Vancouver, WA 98662-6750
Wisconsin
89 East Towne Mall, Madison, WI 53704-3711
210 N. Gasser Rd., Baraboo, WI 53913-9535