Beloved clothing retailer plans to close 3 stores in Pa.

Clothing retailer, Express Inc. announced on Monday that it had filed for Chapter 11 bankruptcy and that it plans to close 95 Express stores.

Of the 95 stores that will close, two are in Pennsylvania at 1521 Walnut St. in Philadelphia and at the Fashion District Philadelphia at 901 Market St. in Philadelphia.

The sales at those stores that are closing began on Tuesday.

All of the sales at these stores will be completed and the properties will be vacated by June 30, Express Inc. said in a bankruptcy filing.

In addition, a store at 2300 E. Lincoln Highway in Middletown Township, Bucks County, near Langhorne is closing, according to a bankruptcy closing. A closing sale began on April 1 before Express Inc. filed for bankruptcy. The sale is expected to end no later than May 28.

After those three stores close, there will be 20 Express stores in Pennsylvania including locations at the Capital City Mall in Lower Allen Township and at Tanger Outlets Hershey in Derry Township.

Over the past year, Express has reduced its store footprint by approximately 100 stores, leaving it with approximately 584 stores.

Express Inc. said the 95 stores that are closing are underperforming and there’s a potential to close additional stores in the future.

The company said to facilitate a potential sale Express and its subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware.

The company announced early Monday morning that it has received a non-binding letter of intent from a consortium led by WHP Global, and participants including a wholly owned indirect subsidiary of Simon Property Group and Brookfield Properties for the potential sale of a substantial majority of the company’s retail stores and operations.

WHP Global is a brand management and acquisition firm that owns the Toys R’ Us brand. The Simon Property Group owns a number of properties including malls and outlets. It is the owner of the King of Prussia Mall and the Lehigh Valley Mall. Brookfield Properties owns properties around the world including the Park City Center in Lancaster.

In addition to Express stores, Express Inc. also owns approximately 60 Bonobos Guideshop locations and 12 UpWest retail stores, according to its website. All of the UpWest stores are closing as well.

Chapter 11 bankruptcy provides businesses or large investors with protection from creditors while they continue operating and develop a repayment plan. Both creditors and owners must agree on a reorganization plan, which ultimately must be approved by a federal bankruptcy judge. Express Inc. will continue operating during Chapter 11 bankruptcy.

Note: The post has been updated to include the closing in Bucks County.

Related Posts