Express (EXPR) has made headlines as the retail company recently filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The filing, which took place on April 22, 2024, includes Express and certain subsidiaries.
Despite the bankruptcy filing, Express intends to continue its operations as ‘debtors in possession’ under the supervision of the Bankruptcy Court. The company aims to manage its properties and business affairs in line with the Bankruptcy Code and court orders.
To ensure minimal disruption to its stakeholders, including customers, employees, and vendors, Express has submitted various motions to the Bankruptcy Court for ‘first-day’ relief. These motions seek approval to pay employee wages and benefits, maintain insurance and tax obligations, and settle outstanding dues with vendors and suppliers.
Express anticipates that the Bankruptcy Court will grant the requested relief, allowing the company to navigate through the restructuring process smoothly. Additionally, Express has also filed a motion for debtor-in-possession financing to support its operations during the bankruptcy proceedings.
While this development marks a significant turn for Express, the company remains focused on addressing its financial challenges and emerging stronger from the restructuring process. Stay tuned for further updates on Express’s journey through Chapter 11 bankruptcy.
