Fashion retailer Express Inc, known for its casual office attire, has filed for Chapter 11 bankruptcy protection. The company, based in Columbus, Ohio, and founded in 1980, is seeking to sell the majority of its stores, including its Bonbons and UpWest brands. Express plans to close 95 of its retail stores and all 10 of its UpWest locations, with closing sales set to begin on Tuesday. The retailer, which operates about 530 Express retail and Express Factory Outlet stores in the U.S. and Puerto Rico, as well as 60 Bonobos Guideshop locations, reported nearly $1.2 billion in total debts and $1.3 billion in total assets in its Chapter 11 petition filed in U.S. Bankruptcy Court for the District of Delaware.

Express has faced increasing competition from fast fashion retailers like Zara and H&M, as well as the rise of athleisure brands like Lululemon. Neil Saunders, a managing director with research firm GlobalData, noted that the brand also suffered from quality issues and the shift towards remote work during the pandemic, which lessened the need for work attire. Saunders added that Express did not adapt well to changing trends in the fashion industry.

In an effort to turn things around, Express announced that it has received a non-binding letter of intent from a group led by consumer brand acquisition and management firm WHP Global to potentially purchase the majority of its stores and operations. The consortium exploring the deal also includes mall operators Simon Property Group and Brookfield Properties. Express CEO Stewart Glendinning stated that the proposed transaction would give the company additional financial resources and put it in a better position to grow profitably.

Express also announced a leadership update, with Mark Still becoming chief financial officer. The company has a commitment for $35 million in new financing, subject to court approval, in addition to $49 million in cash obtained earlier this month from the Internal Revenue Service related to the CARES Act. Express joins a handful of retailers filing for Chapter 11 this year, as analysts expect a similar pace of bankruptcy filings as last year. The company's bankruptcy filing follows similar steps taken by 99 Cents Only Stores and Joann in recent months.