New York CNN —Trendy fashion retailer Express Inc. has filed for bankruptcy after consistently struggling with continued missteps over its merchandise mix that failed to get shoppers excited.
The retailer filed with the bankruptcy court in Delaware and said it also plans to shutter several stores as part of the process.
The company operates Express, Express factory outlets, Bonobos and UpWest stores under its corporate umbrella and said in a release Monday that it plans to close 95 Express locations (it operates more than 500 in the US) and all UpWest locations with closing sales at those stores set to begin on April 23.
“With the company struggling to gain traction with consumers, it has been obvious for quite some time that bankruptcy was the inevitable destination for Express,” Neil Saunders, managing director of GlobalData, said in a note Monday.
“We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.
Persons:
“, Neil Saunders, GlobalData, ”, Saunders, ” Stewart Glendinning, “ WHP, ” Glendinning
Organizations:
New, New York CNN, Express Inc, Express, WHP Global
Locations:
New York, Delaware