Clothing retailer Express to close four stores in Colorado as it seeks bankruptcy protection

Specific Inc., an proprietor of outfitters in malls throughout the nation, will shut 95 Specific shops and all of its UpWest places as a part of a voluntary chapter submitting introduced Monday.

Three of the corporate’s 9 Specific shops in Colorado are closing, with clearance gross sales beginning on Tuesday, based on an inventory launched by the corporate. The places embody one on the Denver Pavilions, 500 sixteenth St., one on the Flatiron Crossing, 1 W. Flatiron Crossing in Broomfield, and one on the Retailers at Centerra, 5879 Sky Pond Drive in Loveland.

Three retail shops on the Cherry Creek Buying Middle, the Aurora Mall and Park Meadows will stay open, as will three manufacturing unit outlet places on the Colorado Mills in Lakewood, the Denver Premium Retailers in Thornton, and Retailers at Fortress Rock.

Specific, based mostly in Columbus, Ohio, can also be shuttering all 10 of its remaining UpWest shops, together with one on Boulder’s Pearl Avenue Mall. Specific plans to maintain its Bonobos shops open, together with one at Cherry Creek North in Denver and one at Twenty Ninth Avenue in Boulder. Web sites for all three manufacturers will proceed to function.

Present lenders have dedicated to offering Specific $35 million in new financing. The corporate additionally obtained $49 million in money from the Inside Income Service associated to the CARES Act, the corporate mentioned. Lenders, nevertheless, have given the corporate solely 30 days to discover a purchaser. If that fails, a liquidation of the remaining shops might comply with.

WHP World, an oblique subsidiary of Simon Property Group, and Brookfield Properties, large-scale retail property house owners, have signed a nonbinding letter of intent to promote a considerable majority of Specific’ retail shops and operations. Specific had already shut down 100 shops up to now 12 months, leaving it with 584 places earlier than Monday’s announcement.

“We’re taking an vital step that can strengthen our monetary place and allow Specific to proceed advancing our enterprise initiatives. WHP has been a powerful associate to the corporate since 2023, and the proposed transaction will present us further monetary assets, higher place the enterprise for worthwhile development and maximize worth for our stakeholders,” Specific CEO Stewart Glendinning mentioned in an announcement.