Express Shares Drop After WSJ Report on Possible Bankruptcy
By Stephen Nakrosis
Shares of apparel retailer Express have fallen to all-time lows in after-hours trading, following a Wall Street Journal report the company is preparing for a debt restructuring which may include filing for bankruptcy.
The report, citing "people knowledge of the matter," said restructuring adviser M3 and law firm Kirkland & Ellis were hired to assist with the matter.
According to the report, a representative for M3 declined to comment and representatives for Express and Kirkland & Ellis didn't immediately respond to requests seeking comment.
In late-trading Monday, the company's shares shed 20% to trade at $2.98 per share. The stock ended the day's regular session with a 12% loss, closing at $3.75.
The stock was down by more than 55% year-to-date through Monday's close.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
February 12, 2024 18:40 ET (23:40 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
New 4-Star Stocks
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
United States