Express files for bankruptcy, to close about 100 stores

The clothing store Express has filed for bankruptcy and plans to close about 100 locations across the country.

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The company, which operates Express, Express factory outlets, Bonobos and UpWest, filed for bankruptcy in Delaware, CNN reported.

Express listed assets and liabilities of between $1 billion and $10 billion, Reuters reported.

It will close 95 Express stores and all UpWest locations, with sales starting on Tuesday. The company currently has more than 500 Express stores in the U.S.

Officials did not announce the locations of the stores that will close, Reuters reported.

All of the brands’ online presence will stay active, as will the Express Insider program.

Industry experts said it isn’t only the company’s fault that it has had financial issues.

“The formal and smart casual market for both men and women has softened over recent years because of a rise from working from home and the casualization of fashion,” said Neil Saunders, managing director of GlobalData, according to CNN.

But Saunders pointed out that Express is also affecting its sales, with some thinking that their designs were overpriced and bland when compared to other brands.

“As a result, the Express brand itself has become less relevant to shoppers,” Saunders said.

Express CEO Stewart Glendinning said, “We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” CNN reported.

The retailer’s Charlotte store at Northlake Mall is among the locations slated for closure.

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