Fashion retailer files for bankruptcy, five Texas stores must close

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

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

According to KVUE, the five Texas stores that will close 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 the memory of how much I loved some of the clothing we bought there, it was sad to hear that ‘the Columbus, Ohio-based retailer has filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court in Delaware ” according to a story from the Austin American-Statesman.

A spokesperson for the company said it has received new financing from some of their current lenders, pending court approval, in the amount of $35 million. Express also received $49 million from the IRS on April 15 thanks to the CARES Act, which became a “thing” due to Covid.

Why did Express file for bankruptcy and how will the company move forward after filing for bankruptcy and receiving new financing?

Express released a statement saying that the bankruptcy filing was made to “facilitate” the official sale of their stores to a group of investors. Stewart Glendinning said (no pun intended) that this transaction, should it materialize, would “provide (the company) with additional financial resources, better position the company for profitable growth and maximize value for our stakeholders.”

Well, at least the store isn’t closing completely and leaving the scene completely. They said the business will operate as normally as possible and gift cards will be honored.