Express filed for Chapter 11 of the US Bankruptcy Code. Meanwhile, the clothing retailer, whose portfolio includes brands such as Express, Bonobos and UpWest Express, announced it would close 100 of its stores.

According to what it says in the bankruptcy petition, which it filed in the Delaware bankruptcy court, its assets and liabilities range between $1 billion and $10 billion.

It also appointed a new chief financial officer, Mark Still, who has been acting as interim chief financial officer since November 2023.

As part of the bankruptcy process, the company will lock up 95 stores with the Express brand, while it will close all stores bearing the UpWest Express brand, but did not specify in which areas the specific points of sale are located.

The company currently operates about 530 Express and Express Factory Outlet locations in the U.S. and Puerto Rico and about 12 UpWest stores, according to data on its website.

Express, which was founded in 1980, has struggled in recent years with weak consumer demand due to a general slowdown in consumption.

According to the company, it has received a commitment of $35 million in new financing from some of its existing lenders.

It also indicated that it will continue to operate normally as it begins the process under judicial supervision with the aim of facilitating the formal process of its sale.

Finally, it informed that it has received a non-binding letter of intent from a consortium led by WHP Global to sell the majority of its stores.

It is noted that WHP Global, which controls Toys “R” Us and has stakes in companies such as Anne Klein, in which it controls 7.4%, acquired a stake in Express last year.