The company said hours for remaining stores won't change and it will continue to accept orders and returns as usual.
"The proposed transaction will provide Express with additional financial resources, better position the business for profitable growth and maximize value for the Company's stakeholders," Express said.
"We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives," he added.
Last spring, Express acquired Bonobos' operating assets and related liabilities for $25 million from Walmart in a joint deal with WHP.
The deal came as Express' "core business was weak, and cash was tight," GlobalData managing director Neil Saunders said in a Monday note.
Persons:
–, Stewart Glendinning, Neil Saunders, Saunders, Kirkland
Organizations:
Express Inc, Longtime, Express, WHP, Simon Property Group, Brookfield Properties, Les Wexner's, CNBC, Walmart, Powerhouse, Ellis, Partners
Locations:
New York, U.S