Clothing retailer Express to close four stores in Colorado as it seeks bankruptcy protection
Categorical Inc., an proprietor of outfitters in malls throughout the nation, will shut 95 Categorical shops and all of its UpWest areas as a part of a voluntary chapter submitting introduced Monday.
Three of the corporate’s 9 Categorical shops in Colorado are closing, with clearance gross sales beginning on Tuesday, in accordance with a listing launched by the corporate. The areas embody one on the Denver Pavilions, 500 sixteenth St., one on the Flatiron Crossing, 1 W. Flatiron Crossing in Broomfield, and one on the Outlets at Centerra, 5879 Sky Pond Drive in Loveland.
Three retail shops on the Cherry Creek Buying Heart, the Aurora Mall and Park Meadows will stay open, as will three manufacturing facility outlet areas on the Colorado Mills in Lakewood, the Denver Premium Retailers in Thornton, and Retailers at Fort Rock.
Categorical, based mostly in Columbus, Ohio, can be shuttering all 10 of its remaining UpWest shops, together with one on Boulder’s Pearl Avenue Mall. Categorical 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 Categorical $35 million in new financing. The corporate additionally obtained $49 million in money from the Inner Income Service associated to the CARES Act, the corporate mentioned. Lenders, nonetheless, have given the corporate solely 30 days to discover a purchaser. If that fails, a liquidation of the remaining shops might comply with.
WHP International, 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 Categorical’ retail shops and operations. Categorical had already shut down 100 shops up to now 12 months, leaving it with 584 areas earlier than Monday’s announcement.
“We’re taking an essential step that can strengthen our monetary place and allow Categorical to proceed advancing our enterprise initiatives. WHP has been a powerful accomplice to the corporate since 2023, and the proposed transaction will present us extra monetary assets, higher place the enterprise for worthwhile development and maximize worth for our stakeholders,” Categorical CEO Stewart Glendinning mentioned in an announcement.
Dropping an Categorical retailer will add to the retail woes on the Denver Pavilions, which has seen a number of key tenants for the reason that pandemic together with Banana Republic, Uniqlo, and the Laborious Rock Cafe.
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