(KRONClosing sales have started at 95 Express stores in over 30 states after the clothing retailer filed for bankruptcy.
Express Inc., based in Ohio, was established in 1980. It used to lead the way in casual office wear but has struggled to compete with Zara and H&M. It has now filed for Chapter 11 bankruptcy protection.
Express announced that a group led by WHP Global has shown interest in buying most of its stores. The bankruptcy filing was made to help with the sale process, according to Express.
Express, the owner of Bonobos and UpWest brands, plans to shut 95 Express retail stores and all 10 UpWest stores.
The list of locations set to close can be found in the court filings.
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Sales at the closing locations began on Tuesday. Express mentioned that apart from these closures, it will continue business as usual.
Besides its UpWest stores, the company runs around 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico, along with roughly 60 Bonobos Guideshop locations and online operations for these brands, according to Express’ website.
As of March 2, Express reported almost $1.2 billion in debts and $1.3 billion in assets in its Chapter 11 petition filed in U.S. Bankruptcy Court for the District of Delaware.
