Express to be Bought Out of Bankruptcy for $174M

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Express to be Bought Out of Bankruptcy for $174M
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Express is set to be sold for $174 million to WHP, Simon, Brookfield, Centennial Become New Operators

A stalking horse bidder, composed of brand management firm WHP Global and three of the retailer’s key landlords —, Brookfield Properties and Centennial Real Estate — got its offer for the online and store operations of the specialty retailer approved by Delaware bankruptcy court on Friday morning.

Technically, an auction process was established but apparently no bidders with offers higher than the Phoenix offer for Express emerged. “It was a big day today,” Yehuda Shmidman, chairman and chief executive officer of WHP Global, told WWD. “The four of us came together and will own Express in a private setting. The four of us are putting in substantial resources, including cash, and a lot of work ensuring this new company has a fresh and clean start. We have been working with hundreds of stakeholders around the entity to create new parameters. There will be 450 stores going forward,” compared to about 600 before.

Schmidman said that much research was done on the Express brand. WHP controls the intellectual property and the brand, while the four partners in Phoenix each own a minority stake in the Express operations.

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