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Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand

·1 min

Express Files for Bankruptcy as Investor Group Looks to Acquire Assets

Retailer Express has filed for Chapter 11 bankruptcy. A group of investors led by brand management firm WHP Global is looking to acquire the company’s assets. Express has struggled to keep up with changing consumer demand, leading to plummeting sales. It plans to close 95 Express stores and all UpWest stores while continuing operations at remaining locations. The investor group, which includes WHP, Simon Property Group, and Brookfield Properties, has offered to buy the assets. Express has secured $35 million in financing and $49 million in cash from the IRS related to the CARES Act. CEO Stewart Glendinning expressed optimism about the company’s future.