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U.S. Retailer Express Files For Chapter 11 Bankruptcy
U.S. clothing retailer Express (EXPR), a fixture in shopping malls across America, has filed for Chapter 11 bankruptcy protection from its creditors and plans to close more than 100 stores.
The retailer, whose portfolio includes brands such as Bonobos and UpWest Express, listed assets of $1 billion U.S. against liabilities of $10 billion U.S.
The company also named Mark Still as its new chief financial officer (CFO), effective immediately. He has served as interim CFO since November of last year.
As part of the bankruptcy process, the company is closing 95 Express retail stores and all of its UpWest stores.
The company operates 530 Express retail and Express Factory Outlet stores in the U.S. and 12 UpWest retail locations.
In business since 1980, Express has struggled with slowing consumer spending and a shift to online shopping.
Express said that it has received a commitment for $35 million U.S. in new financing from existing lenders and plans to conduct business as usual while it goes through a restructuring process.
Privately held brand management firm WHP Global, which owns fashion label Anne Klein, took a 7.4% stake in Express last year.
The stock of Express has fallen 92% this year and currently trades at $0.70 U.S. per share.
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