The retailer hasn’t said which Express stores are closing yet, but closing sales start Tuesday. All 10 UpWest stores are closing.
FILE - A storefront of Express, Inc. a fashion apparel retailer, shown Wednesday, Jan. 22, 2020, in Paradise Valley, Ariz. Express Inc. has filed for Chapter 11 bankruptcy protection, as the fashion retailer looks to sell 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.
The company received an offer from brand manager WHP Global and mall landlords Simon Property Group Inc. and Brookfield Properties to purchase the company’s operations and most of its stores, according to a statement on Monday.The company will use the bankruptcy process to facilitate the sale. WHP Global, based in New York and backed by Ares Management Corp., owns a portfolio of brands including Toys “R” Us, Isaac Mizrahi and Rag & Bone.
The more-than 40-year-old company was once a top destination for Millennials seeking moderately priced officewear and going out clothes. But in recent years, it’s faced slumping revenues as it struggled to compete with upstart online brands and changing consumer tastes. Last year, Express said it hired external advisers to help cut costs just weeks after agreeing to buy men’s apparel brand Bonobos Inc. alongside WHP Global. It’s the latest in a long string of retail bankruptcies including 99 Cents Only Stores earlier this month and arts and crafts chain Joann Inc. in March.Click here
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