Fashion retailer Express Inc has filed for Chapter 11 bankruptcy in the U.S., announcing plans to shutter over 100 stores.
The retailer said it plans to close approximately 95 Express retail stores and all 12 UpWest stores, with closing sales starting immediately.
The company, operating around 530 Express retail and Express Factory Outlet stores, cited soft consumer demand and increased price sensitivity for the bankruptcy.
The move follows reports of dwindling sales and soaring losses, with Express reporting a net loss of $154.2 million in its third quarter.
Despite the bankruptcy filing, the retailer said it intends to continue serving customers in-store and online while it works to right-size its lease portfolio and operations.
Express secured $35 million in new financing and received a non-binding letter of intent from a consortium led by WHP Global for the sale of a substantial majority of its retail stores and operations.
Mark Still has been appointed as the new CFO, effective immediately.
Shares of Express were down 50% at the opening bell Monday, indicating a current market value of around $1.5 million.