Express could file for bankruptcy soon
Plans of the private negotiation have not been finalized and could change
Retail company Express could be on the cusp of bankruptcy.
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Bloomberg, citing unnamed sources, reports that the company is requesting cash from its lenders to help it pay for a potential Chapter 11 bankruptcy proceeding. Express could file for bankruptcy as early as next week, people with knowledge of the private negotiations told Bloomberg, noting that plans have not been finalized and could change.
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Express did not respond to a request for comment from Quartz.
The American fashion retailer, which sells clothing and apparel, has been blowing through money while trying to pay down its debt.
Express, whose portfolio includes Bonobos and UpWest, has also been struggling to reach consumers as it toes the line between being too low-priced for luxury and too high-priced for its low-cost competitors.
In early March, Express was de-listed from the New York Stock Exchange.
Shares of Express were down 10% during after hours, trading at $1.30 per share. The Ohio-based company has a market capitalization of about $4.88 million. It operates approximately 530 Express retail and Express Factory Outlet stores across the U.S. and Puerto Rico.
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