Clothing retailer Express Inc. recently filed for bankruptcy, revealing plans to shutter almost 100 of its stores as part of its financial restructuring plans. This comes as a consequence of financial struggles, exacerbated by the COVID-19 pandemic disruptions.
In agreement with lenders, Express plans to minimize its debt and restructure its finances via Chapter 11 bankruptcy filing. Post-bankruptcy, the retailer aims to continue operations and recover from the ongoing retail industry disruptions.
The plans to close stores are part of a bigger restructuring strategy that was initially announced in January 2020, before the onset of the pandemic. However, the harsh economic conditions due to COVID-19 led to a significantly expedited timeline.
Meanwhile, a group of investors is reportedly attempting to rescue the brand. The group is in discussion about options to help the clothing brand revive from the financial slump and gain its footing again in the retail industry.
