Amid declining sales, apparel retailer Express has hired restructuring adviser M3 and law firm Kirkland & Ellis to help restructure nearly $280 million of debt, according to the Wall Street Journal, which cited people with knowledge of the matter. If the company is unable to successfully restructure its debt, a bankruptcy filing could be imminent.
Express ability to avoid bankruptcy hinges on whether its lenders will agree to provide more liquidity or loosen repayment options, and whether the companys vendors will continue shipping goods without tightening payment schedules, the sources told WSJ.
Express, which has faced declining sales for some time now, brought in former Tyson Foods exec Stewart Glendinning as CEO in September 2023 to …
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