NEW YORK — Express Inc. has filed for Chapter 11 bankruptcy protection, as the fashion retailer looks to sell of the majority of its stores.
Columbus, Ohio-based Express, which is also the parent of Bonbons and UpWest brands, is shuttering a handful of its operations in the process. In an announcement addressing its Monday bankruptcy filing, the company said it planned to close 95 of its Express retail stores and all of its UpWest stores.
The south Louisiana Express stores in the Mall of Louisiana in Baton Rouge, Lakeside Shopping Center in Metairie and Acadiana Mall in Lafayette will remain open. An Express Factory Outlet store in Bossier City will shut down.
Closing sales are set to begin Tuesday. Beyond these closures, Express said it “expects to conduct business as usual.”
Also on Monday, Express announced it received a nonbinding letter of intent from a group led by WHP Global to potentially purchase the majority of its stores and operations. Express said it had filed for Chapter 11 protection “to facilitate the sale process."
The consortium exploring the deal also includes mall operators Simon Property Group and Brookfield Properties, Express said. The Associated Press reached out to WHP, Simon Property and Brookfield for comment Monday.
Brookfield’s properties include the Mall of Louisiana in Baton Rouge, Pinnacle Nord du Lac in Covington and Oakwood Center in Gretna. Simon operates the Prien Lake Mall in Lake Charles.
In a prepared statement, Express CEO Stewart Glendinning said that WHP "has been a strong partner” of the company since 2023 — adding that the proposed transaction would give Express additional financial resources and “better position the business for profitable growth” while maximizing value for stakeholders.
According to Express’ website, the company currently operates about 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico, in addition to roughly 60 Bonobos Guideshop locations, 12 UpWest stores as well as online operations for these brands.
Express reported nearly $1.2 billion in total debts and $1.3 billion in total assets in its Chapter 11 petition, which was filed in U.S. Bankruptcy Court for the District of Delaware.
The company first started as a women’s fashion purveyor and then branched out to men’s wear. It offered must-have items, like denim dresses for those looking for trendy outfits in the workplace, at affordable prices.
But increasing competition from fast fashion players like H&M, as well as the rise of Old Navy and athleisure brands like Lululemon, all hurt the brand’s sales, said Neil Saunders, a managing director with research firm GlobalData.