Express Just Filed for Bankruptcy and Is Closing 95 Stores

Iconic fashion brand Express has officially filed for Chapter 11 bankruptcy and will be closing 95 locations, plus 10 of their UpWest stores.

The brand has long been known for its business casual clothing items and for being a mainstay in American malls.

Per NPR, Express' downfall comes along with the decline of malls in America and the change in the way people dress for work, which is now more casual than it's ever been before.

The brand's 95 stores set to shutter (out of more than 500 in the U.S., per CNN) will begin closing sales on April 23.

NPR also reported that in addition to the bankruptcy filing, the New York Stock Exchange even delisted the classic fashion retailer due to its declining value.

Express CEO Stewart Glendinning said there have been "missteps" in the brand's clothing choices, "most notably in women's, where we were out of balance across categories, price points and wearing occasions."

"We believe strongly there's a path to total company improvement," he added.

"We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations. We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives," he said.

That improvement apparently means that the retailer could be bought by another company like Simon Property Group, a mall operator that has helped save other bankrupted brands like J.C. Penney and Forever 21.

Express also revealed that it will be receiving around $84 million from lenders and the federal CARES Act.

The company is not just limited to Express either – they also operate Bonobos, UpWest and Express factory outlet stores.

However, despite the situation, customers will still be able to order online, redeem points and gift cards and access all other typical functions of the store as normal, according to CNN.