The fashion retailer Express Inc. (OTC:EXPR) has filed for Chapter 11 bankruptcy and is planning to close more than 100 stores.
According to a Reuters report, the company started in 1980 and company operates about 530 Express retail and Express Factory Outlet stores, along with 12 UpWest retail stores. Express did not announce which stores were likely to be closed.
In its bankruptcy filing, Express listed assets and liabilities in the range of $1 billion to $10 billion. Last month, it was delisted from the New York Stock Exchange and is now traded on the OTC Pink Market.
Mark Still, who served as interim chief financial officer since last November, has taken on the position in a full-time capacity.
The company said it received a non-binding letter of intent from a consortium led by WHP Global seeking the purchase of most of its retail stores and operations. WHP acquired a 7.4% stake in Express last year and also owns the Anne Klein fashion label.
Photo by Mike Mozart / Flickr Creative Commons
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