NEW YORK (AP) — 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.”
Related articles:
Related suggestion:
Art on the lips at hippiest cultural district in Hong KongRory McIlroy and Shane Lowry share lead in team event at TPC of LouisianaChina's Miao embroidery shows at Milan Fashion WeekRoger Goodell envisions more overseas games, more streaming and more cities hosting the NFL draftUSC's move to cancel commencement amid protests draws criticism from students, alumniBengals take OT Amarius Mims in the NFL draft as Cincinnati seeks better protection for Joe BurrowHow at least 13 banks may have worked with feds to SPY on transactions of hundreds of proJaguars select LSU WR Brian Thomas Jr. in the NFL draft, giving QB Trevor Lawrence a big targetPolice officers who Tasered 93DAILY MAIL COMMENT: Nationalisation is no answer to rail chaos
3.1272s , 6500.9375 kb
Copyright © 2024 Powered by Express files for Chapter 11 bankruptcy protection, announces store closures, possible sale ,World Weaver news portal