No Express stores are closing in Delaware following a Chapter 11 bankruptcy filing in Delaware.
The company announced that a consortium that includes WHP Global and participants, including a wholly owned indirect subsidiary of Simon Property Group and Brookfield Properties, may buy a substantial majority of the company’s retail stores and operations.
Express has a store in Christiana Mall and a location at the Tanger outlets. Brookfield owns Christiana Mall, while Simon owns Dover Mall.
Ninety five stores will close, according to the company, which has more than 500 locations.
Express has received a commitment for $35 million in new financing from certain of its existing lenders, subject to court approval. Additionally, on April 15, 2024, the Company received $49 million in cash from the Internal Revenue Service related to the CARES Act. The money comes from keeping employees on the payroll during a portion of the Covid-19 pandemic.
“We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” said Stewart Glendinning, CEO. “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives. 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.”
Express was part of a group of retail companies founded in Columbus, Ohio, that included The Limited, which has since closed its doors, Victoria’s Secret, and Bath & Body Works. Like The Limited, Express has struggled in an industry where a miss in fashion trends can spell disaster.
Express also operates Bonobos Guideshops and UpWest stores
Additional information regarding the Company’s financial restructuring process is available at www.AdvancingExpress.com.
