Express is closing more than 100 stores and expects the balance of its fashion retail portfolio to be acquired by a consortium led by WHP Global, the company disclosed on Monday in a filing for Chapter 11 bankruptcy protection.
In the SEC filing, Express said it has received a non-binding letter of intent from the consortium, which includes Simon Property Group and Brookfield Properties, "for the potential sale of a substantial majority of the company's retail stores and operation."
Express said in the filing it is closing 95 of its Express stores and all 12 of its UpWest stores. Express operates 530 Express retail and Express Factory Outlet stores in the U.S. and Puerto Rico.
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