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Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
Posted: April 22nd, 2024, 10:02 am
by mbz321
Longtime mall retailer Express
filed for Chapter 11 bankruptcy protection on Monday, but a group of investors led by brand management firm WHP Global is looking to save the company by acquiring it.
Express, whose portfolio includes its namesake banner, Bonobos and UpWest, said it will close 95 of its eponymous shops and all of its UpWest doors. Closing sales are expected to begin Tuesday. The company said hours for remaining stores won’t change and it will continue to accept orders and returns as usual.
In a news release, Express said it filed for bankruptcy to “facilitate” a sale process of most of its retail stores and operations to the investor group, which includes WHP, Simon Property Group
and Brookfield Properties. It received a nonbinding letter of intent from the investors to buy the assets, and has also secured $35 million in new financing from some of its existing lenders, subject to court approval.
https://www.cnbc.com/2024/04/22/express ... tores.html
Re: Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
Posted: April 22nd, 2024, 1:01 pm
by rwsandiego
Until recently, I didn't know they were still in business. I guess it was former sister chain The Limited that shut down in favor of he brand being sold exclusively at Belk.
Re: Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
Posted: April 22nd, 2024, 1:18 pm
by storewanderer
I think they had some overseas stores too?
Re: Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
Posted: April 22nd, 2024, 2:49 pm
by ClownLoach
And just like basically every other mall brand the malls are going to be the owners. This bizarre concept in which the mall becomes a giant landlord operated department store is not going to work long term.
Re: Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
Posted: April 22nd, 2024, 4:12 pm
by c95xrk
The list of store closures is floating around, and it's interesting to see the mix of full-price to outlet stores closing. Roughly 80% of the stores closing are full-price stores. I understand wanting to close high-rent locations where occupancy costs are probably out of line - Garden State Plaza, Times Square, the two Valley Fair locations - but for a company that is having issues selling full-price product, maintaining a broad base of outlets that consumers are eagerly trading down to seems absurd. It's the same reason Gap, Banana Republic, and J.Crew have been struggling - when the outlet footprint is more accessible than the full-price footprint (plus available online) then what is the motivation to even enter a full-price store?
You can find the full list here:
https://chainstoreage.com/express-files ... -95-stores