Express Inc, the fashion store chain, has officially filed for Chapter 11 bankruptcy. This comes as part of a wider plan by the company to rebalance its finances in the midst of persistently challenging retail conditions. As a result, the company anticipates shuttering approximately 100 of its stores, mostly in the United States.
Despite the financial turmoil, the company is not going down without a fight. An investment group, composed of several yet unnamed entities, is working on a deal to purchase a majority stake in the company. Dubbed a ‘stalking horse’ bid under bankruptcy laws, this kind of deal could pave the way for an auction process that aims to generate the highest possible return for Express Inc’s creditors.
The hope for this investor group is to prevent the total collapse of Express Inc, aiming instead to stabilize and eventually reinfuse life into the declining brand. Timeline and details pertaining to the stalking horse bid or the upcoming auction process have not been shared at this time.
Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand
Express Inc, the fashion store chain, has officially filed for Chapter 11 bankruptcy. This comes as part of a wider plan by the company to rebalance its finances in the midst of persistently challenging retail conditions. As a result, the company anticipates shuttering approximately 100 of its stores, mostly in the United States.
Despite the financial turmoil, the company is not going down without a fight. An investment group, composed of several yet unnamed entities, is working on a deal to purchase a majority stake in the company. Dubbed a ‘stalking horse’ bid under bankruptcy laws, this kind of deal could pave the way for an auction process that aims to generate the highest possible return for Express Inc’s creditors.
The hope for this investor group is to prevent the total collapse of Express Inc, aiming instead to stabilize and eventually reinfuse life into the declining brand. Timeline and details pertaining to the stalking horse bid or the upcoming auction process have not been shared at this time.
