North Dartmouth, Boston, Dorchester stores among 95 closures after retailer files for bankruptcy

COLUMBUS, Ohio–(BUSINESS WIRE)–Express, Inc. (OTC PINK: EXPR) (“Express” or the “Company”) today announced that it has received a non-binding letter of intent from a consortium led by 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 a substantial majority of the Company’s retail stores and operations.

To facilitate the sale process, Express and its subsidiaries have filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware. 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.

Express is continuing to serve customers at remaining stores and online across its EXPRESS, Bonobos and UpWest brands.

“We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” said Stewart Glendinning, Chief Executive Officer. “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.”

Glendinning added, “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. We thank our associates for their continued hard work and commitment, and we appreciate the ongoing support of our vendors, suppliers and business partners.”

Express and its brands are serving customers without interruption:

• EXPRESS retail stores, EXPRESS factory outlets, Bonobos Guideshops and UpWest stores are open per their usual hours.
• All of the Company’s online channels, including Express.com, Bonobos.com and UpWest.com, along with all brand apps, are accepting orders.
• All of the Company’s brands are fulfilling orders and processing returns, merchandise return policies remain unchanged, and gift cards and store credits are currently being redeemed in-store.
• Bonobos is continuing to serve its premium wholesale customers.
• Customer benefits related to the EXPRESS Insider program are expected to remain the same.

As part of this process, the Company intends to close approximately 95 EXPRESS retail stores and all UpWest stores. The closing sales at affected stores are scheduled to begin on April 23, 2024.

According to WCVB, affected Massachusetts stores include locations at the North Dartmouth Mall, on Newbury Street in Boston, and at the South Bay Center in Dorchester.