A longtime mall staple is adding its name to the surge of businesses filing for bankruptcy.
Fashion retailer Express Inc. announced this week the company is closing nearly 100 stores across the country as part of its Chapter 11 bankruptcy protection plans.
The Columbus, Ohio-based retailer, which is also the parent company of Bonobos and UpWest, said in a release it plans to close about 95 Express stores and all of its UpWest stores. It will also close five stores across Florida.
The store closings will lead to a “substantial number” of employees being terminated. They will be paid as expeditiously as possible under normal payment procedures and Express will provide “customary bonuses” to the employees of the closing stores who work during the store-closing process, according to MarketWatch.
What Florida Express stores are closing?
USA TODAY gathered a list of locations that will be shuttered, including five in Florida:
- Aventura: Aventura Mall, 19501 Biscayne Blvd.
- Clearwater: Countryside Mall, 27001 U.S. Highway 19 N.
- Miami: Bayside, 401 Biscayne Blvd.
- Miami Beach: Lincoln Road, 904 Lincoln Rd.
- Tampa: Citrus Park Town Center, 8021 Citrus Park
What is Chapter 11 bankruptcy?
According to the United States Courts, Chapter 11 bankruptcy is frequently referred to as a "reorganization" bankruptcy.
"Usually, the debtor remains 'in possession,' has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money," the website states. "A plan of reorganization is proposed, creditors whose rights are affected may vote on the plan, and the plan may be confirmed by the court if it gets the required votes and satisfies certain legal requirements."
Why is Express filing for Chapter 11 bankruptcy?
The company has filed for voluntary Chapter 11 petitions in U.S. Bankruptcy Court in Delaware.
According to CNBC, the apparel brand has seen sales plummet over the last few years as debt and mall leases dragged down its business. In a court filing, Express said that it had $1.3 billion in total assets and $1.2 billion in total debts as of March 2.
Express received a $35 million commitment in new financing from certain existing lenders, subject to court approval, in addition to the $49 million it received from the IRS on April 15 related to the pandemic-era CARES Act.
According to the release from Express, bankruptcy was filed to "facilitate" a formal sale of its operations retail stores to an investor group, which includes WHP Global, Simon Property Group and Brookfield Properties.
What will the closing sales at Express look like?
Closing sales at the five affected stores began Tuesday, April 23.
According to the Krazy Koupon Lady, deals at the closing stores are 60% on everything, with an additional 50% off clearance prices.
How many Express stores will be left in Florida?
Express currently operates about 530 Express, Express Edit and Express Factory Outlet stores in the U.S. and Puerto Rico, according to the store locator, as well as seven stores in Mexico and Central America. In Florida, there are 24 stores:
- Altamonte Springs: 451 East Altamonte Drive (Orlando area)
- Boca Raton: 6000 Glades Road
- Brandon: 565 Brandon Town Center Mall
- Coral Springs: 9059 West Atlantic Blvd.
- Destin: 4126 Legendary Drive
- Estero: 23131 Fashion Drive
- Fort Lauderdale: 2414 East Sunrise Blvd.
- Fort Myers: 4125 S Cleveland Ave.
- Jacksonville: 10300 Southside Blvd.
- Jacksonville: 4711 River City Drive
- Jensen Beach: 3148A NW Federal Highway
- Miami: 1455 NW 107th Avenue
- Miami: 7535 SW 88th Street
- Miami: 8888 Howard Dr
- Naples: 1764 Tamiami Trail N
- Orlando: 4200 Conroy Road (Mall of Millennia)
- Orlando: 8001 South Blossom Trail
- Palm Beach Gardens: 3101 PGA Blvd.
- Pembroke Pines: 11401 Pines Blvd.
- Pensacola: 5100 North 9th Ave
- Plantation: 8000 Broward Blvd.
- Sarasota: 140 University Town Center Drive
- Tampa: 2223 N. West Shore Blvd.
- Wellington: 10300 West Forest Hill
All stores will be open during their usual hours. The company’s online sites and apps, including Express.com, will continue accepting orders, returns and gift cards can still be processed or redeemed, and the EXPRESS Insider program will have the same customer benefits.
Contributing reporting: Emily DeLetter, USA TODAY
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