Express Inc., a fashion retailer based in Columbus, Ohio, has initiated Chapter 11 bankruptcy proceedings with plans to divest most of its stores. The company, which also owns Bonbons and Upwest brands, will close 95 Express retail stores and all UpWest stores as part of the restructuring.
 Closing sales will commence soon, while operations are expected to continue as usual. Express disclosed receiving a non-binding letter of intent from WHP Global and partners, including Simon Property Group and Brookfield Properties, indicating potential acquisition of its stores and operations.
Express CEO Stewart Glendinning expressed optimism about the transaction, aiming to enhance financial resources and maximize stakeholder value. The company operates approximately 530 Express stores across the US and Puerto Rico, along with other brand outlets and online platforms. With nearly $1.2 billion in debts, Express secured $35 million in new financing, subject to court approval, alongside earlier funds from the CARES Act. Mark Still is appointed as Chief Financial Officer amid leadership updates.
