Express was saved by bankruptcy.

Since the 1980s, Express has been a mainstay at shopping malls. However, after CEO Michael Weiss left the company in 2015, its sales and number of stores have been steadily decreasing.

The athleisure category's rise during the pandemic has put pressure on Express due to declining shopping mall traffic and thin profit margins.

The brick-and-mortar retailer has lost market share to cheaper fast-fashion alternatives such as Shein and Primark.

According to Eric Beder, CEO of Small Cap Consumer Research, every time these types of expansions occurred, they were less expensive than Express. Although the product was not as well constructed, customers were unconcerned. As a result, Express's market continued to shrink, making it increasingly difficult to sell fashion at an affordable price.

In 2023, Express faced financial difficulties and was unable to pay its vendors on time. By April 2024, the company filed for Chapter 11 bankruptcy protection.

Express has remained in business due to bankruptcy, allowing it to break free from old leases and rebuild its financial standing.

On June 14, a group of investors led by WHP Global, Simon Property Group, and Brookfield Properties received New York court approval to form a new joint venture called PHOENIX and acquire Express.

Discover the story of Express's rise and fall, and learn about its future under the ownership of PHOENIX in this video.