American store of clothing Express Inc. has filed for Chapter 11 bankruptcy protection because it intends to shut down more than 95 shops.
The business is closing down all UpWest shops, a company with locations across various states, in addition to almost 100 Express shops.
The Columbus, Ohio-based clothing store, which is also the parent firm of the Bonobos company, announced the selection in a Monday news release.
Officials from the business have not yet revealed the locations where the closures will take place, but closing sales will start on Tuesday.
Then, Express says it “expects to do business as usual. ”
Additionally, managers claimed to have been given a non-binding letter of intent from a WHP Global leadership team that wanted to buy the majority of the company’s locations and activities.
According to Express, it filed for Chapter 11 security “to promote the sales process. ”
“We continue to make significant headway refining our product offerings, driving desire, connecting with customers and strengthening our businesses, ” said Express CEO Stewart Glendinning. We are making an important decision that may improve Express ‘ financial standing and allow us to carry out our business efforts. ”
The company has been a “strong partner ” to the organization since 2023, according to the executive officer, and the proposed transaction did give us additional financial resources to better position the business for successful growth and increase value for our stakeholders. ”
The organization currently has 530 Express Retail and Express Factory Outlet locations throughout the United States. S. and Puerto Rico, as well as about 60 Orangutans Guideshop and 12 UpWest businesses.
The U.S. Department of Justice received the Book 11 complaint. S. District of Delaware bankruptcy judge.
