Express (EXPR) Files Chapter 11

On April 22, 2024 (the “Petition Date”), Express (OTC: EXPR) and certain of its direct and indirect subsidiaries (collectively, the “Company Parties”) filed voluntary petitions to commence proceedings under chapter 11 (the “Chapter 11 Cases”) of title 11 of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On the Petition Date, the Company Parties filed a motion with the Bankruptcy Court seeking to jointly administer the Chapter 11 Cases under the caption “In re: Express, Inc., et al.”

The Company Parties will continue to operate their business and manage their properties as “debtors in possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. In order to ensure their ability to continue operating in the ordinary course of business and to minimize the effect of the restructuring on the Company Parties’ customers, employees, vendors and other stakeholders, the Company Parties filed with the Bankruptcy Court motions seeking a variety of “first-day” relief, including a motion seeking authority to pay employee wages and benefits, to continue honoring insurance and tax obligations as they come due and to pay certain vendors and suppliers for goods and services provided both before and after the Petition Date. The Company Parties expect that the Bankruptcy Court will approve the relief sought in these motions. In addition, the Company filed with the Bankruptcy Court a motion seeking approval (the “Interim DIP Order”) of debtor-in-possession financing as further described below.

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