Despite the upcoming closures of some stores, Express and its brands are committed to providing uninterrupted service to customers. As stated in the press release, all retail locations are operating as usual, online channels are open for orders, and returns are being processed without any changes to policies.
Express, Inc. has been a prominent player in the American fashion retail industry for years. With its diverse portfolio of brands including EXPRESS, Bonobos, and UpWest, the company catered to a wide range of fashion-forward individuals. Alongside its physical and online stores, Express operates an innovative omnichannel platform, ensuring a seamless shopping experience for its customers.
Bonobos, one of the brands under Express, has gained recognition for its exceptional fit and unique retail model. This menswear brand carved a niche for itself in the industry. On the other hand, UpWest, another brand within the Express family, focuses on providing comfortable apparel, accessories, and home goods.
While Express enjoyed its peak, outfitting countless mall shoppers with stylish slacks and blouses, the changing landscape of retail and work attire posed challenges. As malls faced decline and people embraced a more casual and individualistic approach to dressing for work, Express found itself struggling to keep up. Positioned neither as a high-end nor a cheap brand, it faced difficulties in adapting to the evolving preferences of consumers.
Additionally, the burden of rent and debt further weighed down the company.
On Monday, the company revealed that a consortium led by WHP Global, along with Simon Property Group and Brookfield Properties, has expressed interest in acquiring a significant portion of the company's retail stores and operations.
To aid in the sale, Express and its subsidiaries have initiated Chapter 11 proceedings in the U.S. Bankruptcy Court. The company has secured $35 million in new financing from current lenders, pending court approval. Furthermore, on April 15, 2024, Express received $49 million from the IRS under the CARES Act.
“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.”
Mr. 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.”
Despite the upcoming closures of some stores, Express and its brands are committed to providing uninterrupted service to customers. As stated in the press release, all retail locations are operating as usual, online channels are open for orders, and returns are being processed without any changes to policies. Bonobos is also ensuring premium wholesale customers are taken care of. The Express Insider program benefits are expected to stay consistent.
In addition, all of the Company’s brands will: continue fulfilling orders, processing returns, follow merchandise return policies (policies remain unchanged), gift cards and store credits redeemtion.
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