Express, a familiar sight in American shopping malls, is swiftly exiting many of those once-busy corridors following a Chapter 11 bankruptcy filing. The modern apparel retailer, which has dressed casual America since its 1980 inception, is shuttering two Bay Area stores, among others, in a drastic retreat that will see closures across the country, as per the information obtained by the San Francisco Chronicle.
The company, headquartered in Ohio, delivered the news on Monday that their stores at Bay Street in Emeryville and Valley Fair Mall in Santa Clara are on the chopping block. Torn from its local fabric, the retail chain will also close additional stores to 95 nationwide, as noted by KRON4. This decision culminates a series of closures trailing back to last year with the shuttering of their San Francisco Union Square location in October 2023.
In the depths of its financial restructuring, Express has found a potential lifeline in a sale to a consortium spearheaded by WHP Global. This includes significant players such as Simon Property Group and Brookfield Properties. Their non-binding letter of intent flickers hope for the retailer's survival, provided they approach the bankruptcy court for sale facilitation. According to details obtained by Express, Inc, the move is designed to provide additional financial resources, fostering profitable growth, and maximizing value for stakeholders.
"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 told Express, Inc. news report. Caught up in financial turmoil, Express maintains its commitment to its customers, keeping stores and online offerings readily available amid the restructuring, as stated in a press release.
In a recent update, Express fortified its leadership ranks by appointing Mark Still as Senior Vice President and Chief Financial Officer. Having served as the interim CFO since November 2023 and with Express since 2005, Still’s seasoned financial expertise is a key asset in the company's forward trajectory. "I congratulate Mark on his appointment as our go-forward CFO, underscoring the significant contributions he has made to Express throughout his career," remarked Glendinning, echoing sentiments about Still’s pivotal role in moving ahead, cited from the company's investor relations site.
