Express files for bankruptcy, plans to close nearly 100 stores [Video]

Express has filed for bankruptcy and plans to close nearly 100 of its 500 retail locations, the Columbus, Ohio-based clothing retailer said on Monday.

Express reported nearly $1.2 billion in total debts and $1.3 billion in total assets in its Chapter 11 petition, which was filed in U.S. Bankruptcy Court for the District of Delaware.

The company said Monday that it had received a commitment for $35 million in new financing, which is subject to court approval, from some existing lenders. That would add to the $49 million in cash that Express obtained earlier this month from the Internal Revenue Service related to the pandemic-era CARES Act.

Closing sales at Express, a source of modestly priced outfits for more than 40 years, begin on Tuesday at around 95 of the its stores, including all of its UpWest locations, the company said in a statement.

The company operates some 530 Express retail …