Consumer
The Fashion and Management Missteps That Left Express Clinging to Solvency
- One-time trend-setter has been seeking to restructure debts
- Creditors are mulling whether to push for bankruptcy instead
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Fashion retailer Express Inc. is rapidly running out of cash and time.
Staggering under nearly $300 million of debt, the company for weeks has been in talks with creditors about ways to slash what it owes. With little to show so far, creditors are growing increasingly antsy and considering whether to push the company to file for bankruptcy instead, according to people with knowledge of the discussions, who asked not to be identified because the talks are in flux. Its shares tumbled 40% Tuesday to $2.26.