National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Express Inc. Files for Bankruptcy, Will Close 100+ Stores
Express, Inc. said Monday it had filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware and will close approximately 95 Express stores and all 12 UpWest locations. The Columbus, OH-based retailer has received a non-binding letter of intent from a consortium led by WHP Global to acquire a substantial majority of its stores and operations.
Subject to court approval, Express has received a commitment for $35 million in new financing from certain of its existing lenders. Last week it received $49 million in cash from the Internal Revenue Service related to the CARES Act.
The bankruptcy filing had been expected, with news surfacing earlier this month that the 44-year-old retailer was exploring Chapter 11 protection. “With the company struggling to gain traction with consumers, it has been obvious for quite some time that bankruptcy was the inevitable destination for Express,” Neil Saunders, managing director of GlobalData, was quoted by CNN as saying.
WHP Global’s partners in the consortium include a wholly owned indirect subsidiary of Simon Property Group, L. P. and Brookfield Properties. New York-based WHP already owns a 7.4% stake in Express.
“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,” said Express CEO Stewart Glendinning.
The company didn’t specify which Express locations would close down. Currently it operates about 530 stores under the Express, Bonobos and UpWest brands.
Kirkland & Ellis LLP is serving as legal counsel to Express, Moelis & Company LLC is serving as investment banker, and M3 Partners, LP is serving as financial advisor. Information about the company’s court filings is available here.
Pictured: Express storefront in Manhattan’s Flatiron District, circa 2013.
- ◦Sale/Acquisition
- ◦Financing
