Express prepares for debt restructuring and possible bankruptcy, reports WSJ

Express

12/02/2024 21:44

Feb 12 (Reuters) - Apparel retailer Express  EXPR.N  is
preparing for debt restructuring and a possible bankruptcy
within weeks, the Wall Street Journal reported on Monday, citing
people with knowledge of the matter.
    Express' shares, which were down about 59% in 2023, fell 23%
to $2.85 in extended trading.
    The company has been struggling with soft consumer demand
for its brands such as Express and UpWest, but it's still trying
to avoid filing for bankruptcy by restructuring debt outside of
chapter 11, according to the report.
    The Bonobos-parent had hired restructuring adviser M3 and
law firm Kirkland & Ellis as it looked to restructure nearly
$280 million of debt, the WSJ reported.
    In November 2023, the company said that it would continue to
conduct a comprehensive review of its business model to reduce
costs. 
    Express did not immediately respond to a Reuters request for
comment.   

 (Reporting by Juveria Tabassum; Editing by Alan Barona)
 ((Juveria.Tabassum@thomsonreuters.com;))