Fashion Retailer Files Bankruptcy, 5 Texas Stores to Close

A popular fashion retailer filed for bankruptcy on Monday, April 23 and five Texas stores will be affected.

I remember growing up one of my favorite places to shop for back-to-school clothes in Tyler, Texas was Express. Well, to be honest, it was one of my older sister's favorite places to shop. Then it became one of mine. You know the influence sisters can have on each other.

According to KVUE, the five Texas stores that will be closing are in these cities:

5488 S. Padre Island Dr., Corpus Christi, TX 78411-4147
13350 Dallas Pkwy, Dallas, TX 75240-6670
6906 N Loop 1604 E, San Antonio, TX 78247-5317
1500 Harvey Rd, College Station, TX 77840-3713
305 West Fm 1382, Cedar Hill, TX 75104-1885

Source: Austin American-Statesman

Because of the nostalgia, and remembering how much I loved some of the clothing we bought there, it was sad to hear 'the Columbus, Ohio-based retailer has filed for voluntary Chapter 11 petitions in U.S. Bankruptcy Court in Delaware,' according to a story by the Austin American-Statesman.

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A spokesperson for the company said it received new financing from some of their current lenders, pending approval in the courts, to the tune of $35 million. Express also received $49 million on April 15 from the IRS thanks to the CARES Act, which became a 'thing' as a result of Covid.

Why did Express file for bankruptcy and how will the company be moving forward after filing for bankruptcy and receiving new funding?

Express released a statement that read filing for bankruptcy was done to 'facilitate' the official sale of their retail stores to a group of investors. Stewart Glendinning expressed (no pun intended) that this transaction, should it come to fruition, would 'provide [the company] additional financial resources, better position the business for profitable growth, and maximize value for our stakeholders.'

Well, at least the store isn't completely shutting down and exiting the scene completely. They said the company will operate as normally as possible and gift cards will be honored.