Fashion retailer Express Inc. filed for Chapter 11 bankruptcy protection on Monday in federal court.
The Oxford Valley Mall location in Middletown Township is among the locations to close later this spring, sources told LevittownNow.com.
Closing sales are slated to begin on Tuesday, but the company said it would otherwise continue normal operations.
The retailer, known for its Express, Bonobos, and UpWest brands, announced plans to shutter 95 of its Express stores and all UpWest locations.
Express reported last year that it had more than 550 stores.
The company closed its store in the Neshaminy Mall in Bensalem Township in 2020.
The filing sets the stage for a potential acquisition by a group of investors led by brand management firm WHP Global, according to news outlet Axios.
In a statement, Express said the bankruptcy filing is meant to “facilitate” the sale of most of its retail stores and operations to an investor group including WHP Global, Simon Property Group, and Brookfield Properties. Simon Property Group owns Oxford Valley Mall.
The company has secured more than $80 million in new financing and COVID-19 relief funds that will help stabilize its operations, according to CNBC.
“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,” said Stewart Glendinning, Express’ CEO.
Founded in 1980 by Limited Brands, Express has struggled in recent years due to declining sales, high debt, and costly mall leases.
The company was delisted from the New York Stock Exchange last month and has been actively pursuing cost-saving measures to enhance operational efficiency.
Mall owners like Simon Property Group have increasingly stepped in to acquire faltering mall retailers, like J.C. Penney and Forever 21, to prevent vacancies in their retail properties.
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