Express Inc. is now under bankruptcy court oversight.
The struggling specialty apparel chain filed its Chapter 11 petition for bankruptcy court protection on Monday in Delaware. Eleven affiliated firms also filed their respective Chapter 11 petitions. The bankruptcy filing was expected since earlier this year. Credit monitoring firm Creditsafe said at the time that late payments have been a consistent problem at Express, an indication of ongoing liquidity problems.
The retailer said it has received a nonbinding letter of intent from a consortium led by brand management firm WHP Global. Other members of the consortium include mall landlords Simon Property Group and Brookfield Properties. The offer is for the sale of a majority of the chain’s retail stores and operations. But given that it is a nonbinding offer, others could come in and kick the tires.
Sources said that Sycamore has already been snooping around and pondering a possible offer. Sycamore had its eye on Express back in June 2014, when word surfaced that it was interesting in acquiring the retailer. At the time Sycamore held a 9.9 percent interest in Express. The two were working on deal terms when the transaction collapsed in January 2025 due to certain financing issues.
However, WHP could be seen as having the upper hand since it holds a 7.4 percent investment stake in the company since January 2023. As part of that investment, WHP holds a 60 percent interest in a joint venture licensing agreement valued at $400 million, to which the brand management firm contributed $235 million.
The WHP-Express joint venture later acquired menswear brand Bonobos in April 2023 for $75 million from Walmart. In addition to its core Express stores and Bonobos, the retailer also operates the UpWest chain.
Express said on Monday that it has received a commitment of $35 million in new financing from certain of its lenders to fund its bankruptcy, subject to court approval. On April 15, the company also received a tax refund of $49 million in cash from the Internal Revenue Service in connection to the CARES Act.
“We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives,” Express CEO Stewart Glendinning, said. “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.”
He said that the company is making “meaningful progress” on refining its product assortments and driving demand, as well as connecting with customers. The top priority remains “providing our customers with the contemporary styles and value they expect from us,” Glendinning said.
The company operates just over 525 locations under the Express, Express Edit and Express Factory Outlet banners, as well as Bonobos Guideshops, across the U.S. and Puerto Rico. It also operates 12 UpWest stores. The current plan in bankruptcy includes the closure of 95 Express doors and all 12 UpWest locations. Store closing sales begin on Tuesday. A&G Realty Partners is working with Express in the evaluation of its store footprint.
The chain’s remaining stores will continue in operation per their normal store hours. The company’s branded online channels also remain in operation, along with brand apps. Other store policies, such as merchandise return procedures, use of gift cards and store credits also remain unchanged. And its loyalty program Express Insider is not expected to see any changes. Express also said that its Bonobos brand continues to “serve its premium wholesale customers.”
In a court document filed by Express CEO Stewart Glendinning, he said the company’s plan is to spinoff and sell the UpWest brand while in Chapter 11. “To the extent there is no such purchaser, the Debtors expect to use the tools available in chapter 11 to wind down the UpWest banner,” he noted.
In addition, the planned sale to the WHP consortium as the proverbial stalking horse bidder—while pursuing other options in according to bidding procedures—needs to result in a “firm deal within 30 days” due to the terms of the $35 million debtor-in-possession (DIP) financing facility. Glendinning said in the court document that if there is no firm deal within the allotted timeframe, Express “will be forced to pivot to an orderly liquidation process.”
Separately, Express said on Monday that Mark Still was named senior vice president and chief financial officer. He has served as interim CFO since November 2023 and was senior vice president, brand finance and planning and allocation since January 2023. Still joined the company in 2005 and has held finance roles with increasing responsibility over the years.
In the main Chapter 11 petition, Express listed total assets of $1.298 billion and liabilities of $1.199 billion. Li & Fung was listed as the chain’s largest trade creditor, holding an unsecured claim of $38.6 million. Other trade claims include manufacturers and sourcing firms overseas in Istanbul, Turkey; Kowloon, Hong Kong and Taipei, Taiwan, and in the U.S.
The article was updated to include information from a court document on the company’s UpWest brand and the timing of the sale process as required by the DIP facility.
