Express Inc., an owner of clothing stores in malls across the country, will close 95 Express stores and all of its UpWest locations as part of a voluntary bankruptcy filing announced Monday.
Three of the company’s nine Express stores in Colorado are closing, with clearance sales starting on Tuesday, according to a list released by the company. The locations include one at the Denver Pavilions, 500 16th St., one at the Flatiron Crossing, 1 W. Flatiron Crossing in Broomfield, and one at the Shops at Centerra, 5879 Sky Pond Drive in Loveland.
Three retail stores at the Cherry Creek Shopping Center, the Aurora Mall and Park Meadows will remain open, as will three factory outlet locations at the Colorado Mills in Lakewood, the Denver Premium Outlets in Thornton, and Outlets at Castle Rock.
Express, based in Columbus, Ohio, is also shuttering all 10 of its remaining UpWest stores, including one on Boulder’s Pearl Street Mall. Express plans to keep its Bonobos stores open, including one at Cherry Creek North in Denver and one at Twenty Ninth Street in Boulder. Websites for all three brands will continue to operate.
Existing lenders have committed to providing Express $35 million in new financing. The company also received $49 million in cash from the Internal Revenue Service related to the CARES Act, the company said. Lenders, however, have given the company only 30 days to find a buyer. If that fails, a liquidation of the remaining stores could follow.
WHP Global, an indirect subsidiary of Simon Property Group, and Brookfield Properties, large-scale retail property owners, have signed a nonbinding letter of intent to sell a substantial majority of Express’ retail stores and operations. Express had already shut down 100 stores in the past year, leaving it with 584 locations before Monday’s announcement.
“We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives. WHP has been a strong partner to the company since 2023, and the proposed transaction will provide us additional financial resources, better position the business for profitable growth and maximize value for our stakeholders,” Express CEO Stewart Glendinning said in an announcement.
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Losing an Express store will add to the retail woes at the Denver Pavilions, which has seen several key tenants since the pandemic including Banana Republic, Uniqlo, and the Hard Rock Cafe.
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