If you grew up hanging around the neighborhood mall, seeking out the trendiest low-rise jeans and tanks, you might feel nostalgically bummed today. Express, the clothing brand that was uber-popular with Xennials and Millennials, has filed for chapter 11 bankruptcy.
Express, Inc. operates Express stores, as well as Express factory outlets, Bonobos, and UpWest stores. The retailer said it plans to shutter over 100 stores, including all of its UpWest stores and at least 95 of its 500 Express stores in the U.S., effective Tuesday.
A representative pointed Fast Company to a court document which displays the full list of Express stores to be closed. Locations span the entire U.S., with multiple closures in California and New York, as well as Pennsylvania, Texas, and other states.
However, it seems that the retailer may have an interested buyer. On Monday, Express, Inc. announced that it received a non-binding letter of intent from WHP Global (“WHP”), and participants including a wholly owned indirect subsidiary of Simon Property Group, L. P. (“Simon”) and Brookfield Properties (“Brookfield”) for the potential sale of the company. In order to facilitate the process, Express, Inc. filed for bankruptcy in Delaware.
According to the retailer, it “received a commitment for $35 million in new financing from certain of its existing lenders, subject to court approval,” as well as $49 million in cash from the Internal Revenue Service related to the CARES Act. The company named Mark Still, who has been interim CEO since November 2023, as its new CFO, effective immediately.
“We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” said Stewart Glendinning, the company’s 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.”
The move comes as no big surprise, as Express stores have been struggling against more modern competitors. Neil Saunders, managing director of GlobalData, said in a note to CNN on Monday that bankruptcy was “inevitable.” He pointed to a rise in working from home and a “casualization of fashion” as culprits in the brand’s struggle. He also noted that its clothing prices were not competitive, and called the designs “bland.”
Still, while Express may be struggling, other clothing brands, most notably Brandy Melville, are thriving. Despite Brandy Melville’s polarizing one-sized items, as well as a bombshell documentary about the brand’s disgraceful and racist hiring practices (Brandy Hellville and the Cult of Fast-Fashion), walk by any Brandy Melville store and you’ll see a line of teen girls out the door.
Meanwhile, for those who still want to shop Express, its online website is accepting orders regardless of where you live. So if your neighborhood mall has replaced your Express store with another Starbucks, a Cinnabon, or perhaps a Brandy Melville, at least for now, you’re still just a click away from the brand.