4 Express Stores To Close In San Diego County Amid Bankruptcy Filing

SAN DIEGO, CA — Clothing retailer Express is set to close four San Diego area stores following its recent bankruptcy filing, the company announced this week.

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 San Diego area locations in:

• Escondido at 200 E Via Rancho Parkway
• National City at 3030 Plaza Bonita Road
• San Diego at 1640 Camino Del Rio North
• San Diego at 4485 La Jolla Village Drive

The fate of the remaining 45 Express stores in the state is unknown at this time.

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."

Patch Staffer Eric DeGrechie contributed to this report.