Express Inc., the multi-brand fashion retailer, has filed for Chapter 11 bankruptcy in the United States, it said on Monday.

In a release, the Columbus, Ohio-based company said it plans to sell a "substantial majority" of its stores and operations. It intends to close down 95 Express stores and all 12 UpWest locations in the process.

The company's brand portfolio also includes Bonobos and UpWest. It said Bonobos will continue serving customers in its stores, while the online channels and apps of all its brands will continue to operate per usual.

In the petition filed with the bankruptcy court in Delaware, Express has listed its assets and liabilities to be between $1 billion and $10 billion, Reuters noted

"We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives," said Stewart Glendinning, Express chief executive officer.

"Express has a strong portfolio of brands and a premier omnichannel platform. Our top priority remains providing our customers with the contemporary styles and value they expect from us."

Express clothing store
The exterior of an Express clothing store is seen as the company announces it will close some stores on January 22, 2020 in Plantation, Florida. The clothing retailer announced that it plans to shutter roughly 100 of its stores by 2022, as part of its strategy three year strategy to save $80 million in costs annually. Joe Raedle/Getty Images

Express Store Closing List

Express Inc., which currently operates 530 Express stores in the U.S. and Puerto Rico, revealed the states that will be affected by the store closings.

While it has not disclosed the exact locations, Fox News reported that the numbers of store closings in each state and Washington, D.C., are:

  • California - 16
  • New York - 11
  • New Jersey - 7
  • Texas and Florida - 5
  • Connecticut, Georgia and Illinois - 4
  • Colorado, Iowa, Maryland and Massachusetts - 3
  • Indiana, Michigan, North Carolina, Ohio, Pennsylvania, Virginia, Washington and Wisconsin - 2
  • Arizona, District of Columbia, Hawaii, Louisiana, Minnesota, Missouri, Nebraska, New Hampshire, Nevada, Rhode Island and Tennesee - 1

Express has struggled to compete with other fast fashion retailers like H&M and Zara. It was also greatly affected by the COVID-19 pandemic and the rise of remote work trends, lessening the need for work outfits.

As explained by Neil Saunders, GlobalData managing director, bankruptcy was the "inevitable destination for Express."

Tags
Store Closings, Bankruptcy