Express Inc., a long-standing American mall retailer, has filed for Chapter 11 bankruptcy, intending to close more than 100 stores due to soft consumer demand and financial challenges. The company, which imports around $100 million worth of readymade garment products annually from Bangladeshi manufacturers, listed assets and liabilities ranging from $1 billion to $10 billion. As part of the bankruptcy process, Express plans to close approximately 95 retail stores and all of its Up-West stores.
The retailer’s bankruptcy filing was anticipated earlier due to ongoing liquidity problems, as indicated by late payments. Despite the challenges, some Bangladeshi RMG manufacturers remain optimistic about the brand’s future, expecting favorable treatment for pending payments and future orders. Express has received a nonbinding letter of intent from a consortium led by WHP Global, signaling potential restructuring and investment opportunities.
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