The retailer based in
Express, which is the parent of the Bonbons and UpWest brands, is shuttering a handful of its outlets in the process. In an announcement addressing its bankruptcy filing, the company said it plans to close 95 of its Express retail stores and all 10 of its UpWest stores.
Closing sales at locations being shut down, which span across more than 30 states and
Also on Monday, Express announced that it received a non-binding letter of intent from a group led by consumer brand acquisition and management firm WHP Global to potentially purchase the majority of its stores and operations. Express said that it had filed for Chapter 11 protection “to facilitate the sale process."
The consortium exploring the deal also includes mall operators
Express CEO
Beyond its UpWest storefronts, the company operates about 530 Express retail and
Express reported nearly
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
“Everyone has been nibbling at Express from all sides, and Express doesn't have a defensible proposition," Saunders said.
Express joins a handful of retailers filing for Chapter 11 so far this year, including fabrics and craft retailer Joann. And analysts expect the pace of bankruptcy filings this year to be around the same level — close to 24 — as last year, as shoppers hobbled by high consumer debt remain cautious, according to accounting and advisory firm BDO, which tracks retail bankruptcies.
In 2022, only five retailers filed for bankruptcy protection, according to BDO. The number appeared to indicate a recovery from the pandemic-induced store closures that pushed struggling companies over the edge in 2020, when retail bankruptcies spiked to 35 from 21 the year before, BDO said.
Express said Monday that it has a commitment for
Express also announced a leadership update on Monday.
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