Express, once a staple of malls across the country, filed for bankruptcy Monday as consumers continue to move away from formal and professional attire toward casual and comfort.
Fashion
Express, retailer of Bonobos and UpWest, files for bankruptcy
In a press release, the Columbus, Ohio-based retailer said it plans to operate as usual while it begins the court-supervised sales process. WHP Global, Simon Property Group and Brookfield Properties intend to purchase the majority of the company's retail stores and operations.
Express has a strong portfolio of brands and a leading omnichannel platform, said Stewart Glendinning, chief executive of Express. Our top priority remains providing our customers with the contemporary styles and value they expect from us.
Express has seen its sales collapse even though the clothing sector as a whole is strong. Part of the problem is that the company's more formal offerings have suffered as work-from-home trends have contributed to a broader casualization of fashion, GlobalData chief executive Neil Saunders said. in a note.
This puts Express on the wrong side of the trends and, in our opinion, the chain has done too little to adapt, Saunders said.
He added that the company's retail assortment is generally overpriced, lacks differentiation and appears very bland, making it less relevant to the 2024 consumer.
Express reported an operating loss of $28.7 million on net revenue of $454.1 million for the third quarter of 2023, the most recent period for which it has reported financial results.
On a call with investors in November, Glendinning said there was a need to reinvigorate the performance of our Express brand and build a stronger foundation on which to develop the potential of our business. He pointed to declining foot traffic and missteps in the company's merchandising strategy, among other challenges.
The company was delisted from the New York Stock Exchange in early March after its average market capitalization remained below the $15 million minimum for too long.
The store closures and filing for bankruptcy are part of a broader plan to cut costs, while executives said the partnership with WHP would devote resources to a turnaround effort.
WHP has been a strong partner of the company since 2023, and the proposed transaction will provide us with additional financial resources, better position the company for profitable growth and maximize value for our stakeholders, said Glendinning.
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