United States fashion retailer Express Inc. has filed for Chapter 11 bankruptcy protection as it plans to shutter more than 95 stores.
In addition to nearly 100 Express stores, the company is closing down all UpWest stores, a subsidiary with locations across several states.
The Columbus, Ohio-based clothing retailer, which is also the parent company of the Bonobos brand, announced the decision in a Monday news release.
The locations to be shut down have not yet been released, but company officials said closing sales will begin on Tuesday.
Otherwise, Express says it “expects to conduct business as usual.”
Executives also said they received a non-binding letter of intent from a group that WHP Global leads, looking to purchase the majority of the company’s stores and operations.
According to Express, it filed for Chapter 11 protection “to facilitate the sale process.”
“We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” said Express CEO Stewart Glendinning. “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.”
The executive officer added that WHP has been a “strong partner” to the company since 2023, and the “proposed transaction will provide us additional financial resources, better position the business for profitable growth and maximize value for our stakeholders.”
As of now, the company operates around 530 Express retail and Express Factory Outlet stores around the U.S. and Puerto Rico, as well as about 60 Bonobos Guideshop and 12 UpWest stores.
The Chapter 11 petition was filed with the U.S. Bankruptcy Court for the District of Delaware.