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.