NATIONAL NEWS

Express files for Chapter 11 bankruptcy protection, announces store closures, possible sale

Apr 22, 2024, 7:36 AM

NEW YORK (AP) — Express Inc. has filed for Chapter 11 bankruptcy protection, as the fashion retailer looks to sell of the majority of its stores.

Columbus, Ohio-based Express, which is also the parent of Bonbons and Upwest brands, is shuttering a handful of its operations in the process. In an announcement addressing its Monday bankruptcy filing, the company said it planned to close 95 of its Express retail stores and all UpWest stores.

Closing sales at these locations, which were not immediately specified, are set to begin Tuesday. Beyond these closures, Express said that it “expects to conduct business as usual.”

Also on Monday, Express announced that it received a non-binding letter of intent from a group led by WHP Global to potentially purchase the majority of its stores and operations. Express said that it had filed for Chapter 11 protection “to facilitate the sale process.”

The consortium exploring the deal also includes mall operators Simon Property Group and Brookfield Properties, Express said. The Associated Press reached out to WHP, Simon Property and Brookfield for comment Monday.

In a prepared statement, Express CEO Stewart Glendinning said that WHP “has been a strong partner” of the company’s since 2023 — adding that the proposed transaction would give Express additional financial resources and “better position the business for profitable growth” while maximizing value for stakeholders.

According to Express’ website, the company currently operates about 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico, in addition to roughly 60 Bonobos Guideshop locations, 12 UpWest stores as well as online operations for these brands.

Express reported nearly $1.2 billion in total debts and $1.3 billion in total assets in its Chapter 11 petition, which was filed in U.S. Bankruptcy Court for the District of Delaware.

The company said Monday that it had received a commitment for $35 million in new financing, which is subject to court approval, from some existing lenders. That would add to the $49 million in cash that Express obtained earlier this month from the Internal Revenue Service related to the pandemic-era CARES Act.

Express also announced a leadership update on Monday. Mark Still will become chief financial officer, effective immediately, after serving as interim CFO since November 2023, the company said.

National News

Associated Press

Closing arguments set in trial of University of Arizona grad student accused of killing a professor

TUCSON, Ariz. (AP) — Closing arguments are scheduled for Monday in the trial of a former University of Arizona graduate student accused of killing a professor on campus two years ago. Murad Dervish, 48, faces seven felony charges including first degree murder in the death of Thomas Meixner, 52, who was shot nine times near […]

3 hours ago

Associated Press

Arizona man sentenced to natural life in prison for the 2017 death of his wife, who was buried alive

PRESCOTT, Ariz. (AP) — An Arizona man has been sentenced to life in prison without the possibility of parole for the 2017 death of his wife, who was buried alive in a hand-dug grave near their home, authorities said. Seven years after the murder, David Pagniano decided to plead guilty before his trial was scheduled […]

7 hours ago

Associated Press

Child is among 3 dead after Amtrak train hits a pickup truck in upstate New York

NEW YORK (AP) — A child was among the three victims killed when a passenger train hit a pickup truck, officials said. The northbound Amtrak train hit a Dodge truck Friday evening in North Tonawanda, New York, a small town along the Niagara River between Niagara Falls and Buffalo, police said. The victims included a […]

7 hours ago

Associated Press

11 hurt in mass shooting that marked a weekend of gun violence in Savannah, Georgia

SAVANNAH, Ga. (AP) — An argument between two women led to a gunfight that left 11 people hurt in a busy tourist area of Savannah, Georgia, late Saturday, one of five weekend shootings in the city, two of which were fatal, authorities said. Two people were injured in separate shootings Friday. Two more shootings Saturday […]

7 hours ago

Associated Press

Power restored to most affected by deadly Houston storm, with the rest by Wednesday

HOUSTON (AP) — Houston area residents affected by deadly storms last week received some good news as officials said power had been restored Sunday to a majority of the hundreds of thousands who had been left in the dark and without air conditioning amid hot and humid weather. The widespread destruction of Thursday’s storms left […]

9 hours ago

Associated Press

America’s first Black astronaut candidate finally goes to space 60 years later on Bezos rocket

VAN HORN, Texas (AP) — America’s first Black astronaut candidate finally rocketed into space 60 years later, flying with Jeff Bezos’ rocket company on Sunday. Ed Dwight was an Air Force pilot when President John F. Kennedy championed him as a candidate for NASA’s early astronaut corps. But he wasn’t picked for the 1963 class. […]

9 hours ago

Express files for Chapter 11 bankruptcy protection, announces store closures, possible sale