National Clothing Retailer To Close 4 Stores In Illinois

ILLINOIS — Four Express stores in Illinois will soon be shuttered as the clothing retailer begins bankruptcy proceedings.

Express and its subsidiaries announced a voluntary Chapter 11 filing out of U.S. Bankruptcy Court for the District of Delaware Tuesday to "facilitate" a sale process. The Ohio-based company, founded in 1980, said it has received a non-binding letter of intent from a consortium led by WHP Global and participants including a wholly owned indirect subsidiary of Simon Property Group and Brookfield Properties for the potential sale of a substantial majority of the company’s retail stores and operations.

At this time, 95 stores will close nationwide, including Illinois locations at:

• 333 West Touhy Ave., Lincolnwood
• 134 S. Clair Square, Fairview Heights
• 655 W. Diversey Parkway, Chicago
• 17 N. State St., Chicago

The future of the other 11 Express stores in Illinois is unknown at this time. There are locations currently operating in Algonquin, Aurora, Champaign, Geneva, North Riverside, Oak Brook, Orland Park, Schaumburg and Skokie, as well as two others in Chicago.

In a bankruptcy filing summary, Express officials said the company has received a commitment for $35 million in new financing from "certain of its existing lenders," subject to court approval. Additionally, on April 15, the Company received $49 million in cash from the Internal Revenue Service related to the CARES Act, according to the summary.

Express officials said stores are in "business-as-usual" mode as the company works "to right-size its lease portfolio and operations."

"We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations," said Stewart Glendinning, Express CEO, in a statement. "We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives."