Popular clothing retailer Express Inc. has filed for Chapter 11 bankruptcy and plans to close 100 stores across the United States. The first closures will begin on Tuesday (April 23).
Express, which also owns Bonobos and UpWest, said it will close 95 of its Express stores and all of its UpWest locations.
The retailer said that it received a non-binding letter of intent from a group of investors led by WHP Global to purchase the company.
"The proposed transaction will provide Express with additional financial resources, better position the business for profitable growth, and maximize value for the Company's stakeholders," Express said.
The company has also received $35 million in funding from its existing lenders and said that it will continue to operate its remaining stores while navigating the bankruptcy and sale process.
"We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers, and strengthening our operations," CEO Stewart Glendinning said in a statement. "We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives."