Express files Chapter 11 to facilitate majority sale of assets

seekingalpha04-22

Express Inc (OTC:EXPR) and its subsidiaries have filed for Chapter 11 bankruptcy protection in order to facilitate a sale of a “substantial” majority of its stores and operations to a consortium led ...

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The group, which includes an indirect subsidiary of Simon Property Group (SPG) and Brookfield Properties has made a commitment to Express (OTC:EXPR) of $35M in new financing from some of its existing lenders. Express (OTC:EXPR) has also received $49M in cash from the U.S. Internal Revenue Service related to the CARES Act.  “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives,” said CEO Stewart Glendinning, adding, “the proposed transaction [with WHP] provides us additional financing resources, better positions the business for profitable growth and maximize value for shareholders.”  As part of the bankruptcy process, Express (OTC:EXPR) intends to close ~95 Express retail stores and all UpWest stores beginning April 23.  Express (OTC:EXPR) also announced that interim CFO Mark Still has been named as CFO effective immediately.    More on Express  Express in talks with lenders to finance bankruptcy filing - report Express tumbles in after hours amid report of imminent restructuring Seeking Alpha’s Quant Rating on Express Historical earnings data for Express Financial information for Express","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429268919"}