Fashion
Fashion retailer to close 95 stores. What about stores in Kentucky?
Express, a clothing and fashion retailer, filed for bankruptcy on Monday, with plans to close 95 of over 500 stores across the U.S.
Will the bankruptcy impact Express stores in Kentucky? Where will the store closures be? Here’s what we know:
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Did Express file for bankruptcy?
Yes. Express voluntarily filed for Chapter 11 bankruptcy in Delaware on Monday for the potential sale of a majority of the company’s stores and operations, according to a news release.
Subject to court approval, Express will receive $35 million in new financing from existing lenders to facilitate the sale process, in addition to $49 million received by the company on April 15 from the IRS related to the CARES Act.
Is Express going out of business?
No. Express filed for Chapter 11 bankruptcy on Monday, but the company “expects to conduct business as usual as the Company works to right-size its lease portfolio and operations.”
However, store locations are expected to close, including seven in New Jersey, according to NorthJersey.com.
What Express stores are closing?
According to the news release, Express plans to close 95 of over 500 store locations across the U.S, with closing sales beginning on Tuesday. These include seven stores in New Jersey.
Express store locations in Kentucky
According to Express, there are three store locations in Kentucky. Two are in Louisville, located at 4236 Summit Plaza Drive and 5000 Shelbyville Road. The third location is in Lexington at 3401 Nicholasville Road.
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Are Express stores in Kentucky closing?
There are no immediate plans to close Louisville or Lexington locations.
What is bankruptcy?
Bankruptcy is a legal process for people or businesses with outstanding debt to eliminate part, or all, of the debt, and establish a repayment plan. According to the United States Courts, all bankruptcy cases are handled in federal courts and filing for bankruptcy “helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses.”
What is Chapter 11 bankruptcy?
According to the United States Courts, Chapter 11 bankruptcy is frequently referred to as a “reorganization” bankruptcy. Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money. A plan of reorganization is proposed, creditors whose rights are affected may vote on the plan, and the plan may be confirmed by the court if it gets the required votes and satisfies certain legal requirements.”
Chapter 11 vs Chapter 7 bankruptcy
Businesses can file Chapter 7 or Chapter 11 bankruptcy. Chapter 7 is to liquidate the business while Chapter 11 is to reorganize the business.
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