Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
Publishing timestamp: 2024-04-22 10:24:07
Summary
Express filed for Chapter 11 bankruptcy as investor group led by WHP Global looks to acquire most of its assets. The longtime mall retailer has failed to keep up with shifting consumer demand, leading to plummeting sales. The company will close 95 Express stores and all UpWest stores, but operations will continue as normal. Express has secured new financing and cash from the IRS, and the bankruptcy will help the company get out of costly leases and attract buyers.
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Source: https://www.cnbc.com/2024/04/22/express-files-for-bankruptcy-plans-to-close-nearly-100-stores.html