Express Inc. Files for Chapter 11 Bankruptcy in Delaware (1)

Express Inc. has filed for Chapter 11 bankruptcy protection in Delaware, according to a court filing.

• Estimated liabilities: $1b-$10b
• Estimated assets: $1b-$10b
• Received non-binding letter of intent from consortium led by WHP Global for sale of a substantial majority of co’s retail stores and operations, Express says in a statement
  • Participants including a wholly owned indirect subsidiary of Simon Property Group and Brookfield Properties
  • Starts court-supervised process to faciliate sale
• Received commitment for $35m in new financing from some existing lenders
• Intends to close ~95 Express retail stores and all UpWest stores
• Mark Still named Senior Vice President and Chief ...