Express hits record low on report of possible debt restructuring, bankruptcy

Express

13/02/2024 15:22

(Updates)
    ** Shares of apparel retailer Express  EXPR.N  fall as much
as 42.9% to a record low of $2.14 in early trading
    ** EXPR prepares for debt restructuring and a possible
bankruptcy within weeks, WSJ reported on Monday
    ** WSJ says EXPR struggling with soft demand for its brands
such as Express and UpWest but is trying to avoid filing for
bankruptcy by restructuring debt outside of Chapter 11
    ** If losses hold, stock set for worst day since Jan. 28,
2021
    ** Adds EXPR had hired restructuring adviser M3 and law firm
Kirkland & Ellis as it looked to restructure nearly $280 mln of
debt
    ** In 2023, stock fell nearly 59%
    

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com))