Judge Okays Sale Of Express Inc. To Group Led By WHP Global

A US bankruptcy judge has approved the sale of the majority of Express Inc.’s operations to a consortium led by brand acquisition and management firm WHP Global, providing a lifeline to the struggling retailer and its hundreds of remaining stores.

Express filed for Chapter 11 bankruptcy protection in April. At the time, Express said its bankruptcy filing would “facilitate the sale process” after receiving a non-binding letter of intent from a WHP-led group. I Photo: Business Wire

The offer includes $136 million in cash consideration and $38 million in liabilities to be assumed by the buyers, court records show, for a combined $174 million. The sale was approved Friday, and the deal is set to close by June 21, subject to customary conditions. Express Inc. owns the Express, Bonobos, and UpWest brands.

It filed for Chapter 11 bankruptcy protection in April. At the time, Express said its bankruptcy filing would “facilitate the sale process” after receiving a non-binding letter of intent from a WHP-led group.

The company also announced plans to close 95 Express retail stores and all 10 UpWest stores.

The group that won approval for the sale is a newly-formed retail operating platform called “Phoenix,” which WHP announced Friday in collaboration with mall operators Simon Property Group, Brookfield Properties, and Centennial Real Estate.

Phoenix will operate all direct-to-consumer commerce for Express and Bonobos in the US, according to WHP, maintaining the brands’ more than 450 stores, e-commerce operations, and nearly 7,000 jobs nationwide.

WHP acquired a 60% stake in the Express brand’s intellectual property back in January 2023. Months later, Express and WHP announced plans to acquire Bonobos from Walmart in a joint venture.s