Clothing retailer Express announces bankruptcy, store closings [Video]

Clothing retailer Express announced on Monday that it is filing for Chapter 11 bankruptcy and will close 95 of its locations throughout the U.S.

The company said those locations would begin having clearance sales Tuesday. 

Additionally, Express announced that all five of its UpWest stores will close. 

Express said a consortium led by WHP Global plans to buy a majority stake in the retailer as part of the bankruptcy process. 

Express said that it has received $35 million in new financing from existing lenders, in addition to $49 million it received from the Internal Revenue Service through CARES Act funding. 

SEE MORE: Has Aldi found the solution to self-checkout’s woes?

“We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,” said Stewart Glendinning, Express CEO. “We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives. WHP has been a strong …