Express Goes Bankrupt as WHP-Led Group Flags Interest in Stores

Express Inc., the clothing retailer that rose to prominence through its business casual apparel, filed for bankruptcy after a turnaround effort fell short.

Express has received a non-binding letter of intent from a consortium led by WHP Global for the potential sale of a substantial majority of its retail stores and operations, according to a separate company statement as it filed a Chapter 11 petition in Delaware early Monday. Participants include a wholly owned indirect subsidiary of Simon Property Group and Brookfield Properties.

The court filing listed liabilities and assets of $1 billion to $10 billion for each. The ...