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NEW YORK -- Express Inc. -- once a trendsetter of casual office attire that has struggled to compete with the likes of Zara and H&M -- has filed for Chapter 11 bankruptcy protection.
The retailer based in Columbus and founded in 1980 also said Monday it is seeking to sell the majority of its stores.
Express, which is the parent of the Bonbons and UpWest brands, is shuttering a handful of its outlets in the process. In an announcement addressing its bankruptcy filing, the company said it plans to close 95 of its Express retail stores and all 10 of its UpWest stores.
Closing sales at locations being shut down, which span across more than 30 states and Washington, D.C., are set to begin today. Beyond these closures, Express said that it expects to conduct business as usual.
The retailer has an outlet store at the Eastwood Mall in Niles. A spokesman for mall owner / operator, the Cafaro Company, said the company has heard no more than what's been reported and as of Monday afternoon, had not seen any sort of "closing list."
Express also has a store at Southern Park Mall. An email was sent to the mall's general manager about the status of the store.
According to other reporting, however, neither store is on a closure list.
Also on Monday, Express announced that it received a non-binding letter of intent from a group led by consumer brand acquisition and management firm WHP Global to potentially purchase the majority of its stores and operations. Express said that it had filed for Chapter 11 protection "to facilitate the sale process."
The consortium exploring the deal also includes mall operators Simon Property Group and Brookfield Properties, Express said. WHP, Simon Property and Brookfield did not immediately respond to requests for comment Monday.
Beyond its UpWest storefronts, the company operates about 530 Express retail and Express Factory Outlet stores in the United States and Puerto Rico, in addition to roughly 60 Bonobos Guideshop locations as well as online operations for these brands, according to Express' website.
Express reported nearly $1.2 billion in total debts and $1.3 billion in total assets as of March 2 in its Chapter 11 petition, which was filed in U.S. Bankruptcy Court for the District of Delaware.
The company first started as a women's fashion purveyor and then branched out to men's wear. It offered must-have items, like trendy outfits in the workplace, at affordable prices.