Fashion

Express files for bankruptcy, plans to close 95 stores and sell the rest

April 22, 2024

Note: This story has been updated since its initial publication.

Fashion retailer Express Inc. has filed for bankruptcy in an effort to sell most of its stores while closing 95 locations.

The Sioux Falls store in the Empire Mall was not on the list of closures released Monday. The cessation of activity sales start this week.

The Ohio-based men's and women's clothing store operates approximately 530 Express and Express Factory Outlet retail stores throughout the United States and Puerto Rico.

Alongside its bankruptcy filing, Express announced it had received a non-binding letter of intent from a consortium led by WHP Global. Consortium participants include a wholly-owned indirect subsidiary of Simon Property Group, owner of The Empire Mall.

“We continue to make significant progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” Stewart Glendinning, CEO of Express, said in a statement. We are reaching an important milestone that will strengthen our financial position and enable Express to continue to advance our business initiatives.

The company said it received notice on March 6 from the New York Stock Exchange that trading in its common stock was suspended and that it would be delisted because it had failed to maintain a market capitalization of $15 million for 30 consecutive trading days.

Sources

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