Express Risks Liquidation If Buyout Deal Can't Be Reached Soon [BNN Bloomberg (Canada)]
Express, Inc. (EXPR)
Last express, inc. earnings: 3/11 06:45 am
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Source: BNN Bloomberg
The company has lined up $35 million in new financing to fund itself while in Chapter 11. But Chief Executive Officer Stewart Glendinning said in a sworn statement that funding requires Express to pivot to a liquidation process if it can't reach “a firm deal within 30 days.” Unless the retailer is restructured quickly, the cost of the Chapter 11 case “will take over the company,” Express lawyer Josh Sussberg said during a court hearing Tuesday in Delaware. “Time is not endless.” Express, which filed for bankruptcy Monday, concurrently announced a proposed sale to a group led by mall owners Simon Property Group and Brookfield Properties. Sussberg described the offer during the hearing as a letter of intent, not “an enforceable asset purchase agreement.” But he said Express and its lenders are optimistic they'll be able to capitalize on the offer and ultimately complete a deal that would save the business and thousands of jobs. Sussberg added the company will explore alternative
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News
- Express' troubles lead to job cuts at Bath & Body Works affiliate [Yahoo! Finance]Yahoo! Finance
- 2024's Retail Distress List is Growing, Experts Say [Yahoo! Finance]Yahoo! Finance
- Express files for bankruptcy; closing more than 100 stores [CNN]CNN
- Express bankruptcy means 95 store closures in 30 states and DC: Here are the numbers [FOX Business Network]FOX Business Network
- Retailer Express files for Chapter 11 bankruptcy protection [FOX Business Network]FOX Business Network
EXPR
Earnings
- 11/30/23 - Miss
EXPR
Sec Filings
- 4/22/24 - Form 8-K
- 3/14/24 - Form 25-NSE
- 3/6/24 - Form 8-K
- EXPR's page on the SEC website