Apparel retailer Express Inc (OTC:EXPR) and its subsidiaries have filed voluntary Chapter 11 petitions in the U.S. bankruptcy court for the district of Delaware.

The retailer, whose brands include Express, Bonobos and UpWest Express, plans to close about 95 Express retail stores and all UpWest stores, beginning Tuesday.

Express has received a commitment for $35 million in new financing from certain of its existing lenders, subject to court approval.

Also, on April 15, 2024, the company received $49 million in cash from the Internal Revenue Service related to the CARES Act.

Express has received a non-binding letter of intent from a consortium led by WHP Global (WHP) for the potential sale of a majority of its retail stores and operations.

Express has named Mark Still as Senior Vice President and Chief Financial Officer, effective immediately.

Still has served as the company’s interim CFO since November 2023 and as Senior Vice President, Brand Finance and Planning & Allocation since January 2023.

“We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives,” said CEO Stewart Glendinning.

Price Action: EXPR shares closed lower by 9.09% at $0.70 on Friday.

Photo via Wikimedia Commons

Apparel Retailer Express Files for Bankruptcy; Shuts Some Stores