Express (EXPR) has provided an update.
Express, Inc. and its subsidiaries filed for Chapter 11 bankruptcy, seeking court approval to operate as “debtors in possession,” which would allow them to continue business while restructuring. They also plan to secure debtor-in-possession financing to maintain operations, including paying employee wages and vendor costs. The company’s recent board and executive changes include the appointment of William Transier to the board and Mark Still as CFO, with both receiving compensation and retention agreements. Trading in the company’s stock is cautioned as highly speculative during the bankruptcy process.
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