(ReclaimingAmerica.net) – In yet another sign of the failure of Bidenomics, fashion retailer Express Inc. filed for Chapter 11 bankruptcy in a Delaware court, intending to shutter over 100 stores.
According to Reuters, once a rival to major fashion retailers like Zara and H&M, the business now faces serious restructuring, indicated by Chapter 11 bankruptcy, explained by the U.S. Courts.
“Usually, the debtor remains ‘in possession,’ has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money,” the government website highlighted.
Express Inc. named Mark Still its new CEO. He had previously served as the interim CFO since November 2023. In its bankruptcy filing, Express Inc. disclosed assets and liabilities ranging from $1 billion to $10 billion.
ABC News noted that the retailer also outlined plans to close 95 retail stores and all 10 UpWest stores.
Stewart Glendinning, Express’s Chief Executive Officer, remarked in a press release, “We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations.”
He added that the company had a strong portfolio of brands and a premier omnichannel platform and their top priority remained providing the customers with the contemporary styles and value they expect from Express Inc.
Moreover, Glendinning thanked its associates for their continued hard work and commitment, as the retailer appreciated the ongoing support of its vendors, suppliers, and business partners.
Express stated that they filed for Chapter 11 protections to facilitate the sale process of the company’s retail stores and operations, as mentioned in the press release.
The company also noted receiving a commitment of $35 million in new financing from existing lenders and receiving $49 million in cash from the Internal Revenue Service related to the CARES Act on April 15.
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