Express, Inc. announced that announced that it has received a non-binding letter of intent from a consortium led by WHP Global, a wholly owned subsidiary of Simon Property Group and Brookfield Properties for the potential purchase of the company’s retail stores and operations.
Express also announced that it has named Mark Still as senior vice president and chief financial officer, effective immediately.
“WHP has been a strong partner to the company since 2023, and the proposed transaction will provide us additional financial resources, better position the business for profitable growth and maximise value for our stakeholders,” said Stewart Glendinning, the company’s chief executive officer.
Express to close 95 stores
The company said in a statement that to facilitate the sale process, the company has filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the district of Delaware.
Express has received a commitment for 35 million dollars in new financing from its existing lenders. Additionally, on April 15, 2024, the company received 49 million dollars in cash from the Internal Revenue Service related to the Cares Act.
As part of this process, the company intends to close approximately 95 Express retail stores and all UpWest stores. Express continues to serve customers in stores and online across the Express, Bonobos and UpWest Brands.
Express names Mark Still as new CFO
The company’s new CFO Mark Still has served as the company’s interim CFO since November 2023 and as senior vice president, brand finance and planning & allocation since January 2023. He has held finance roles of increasing responsibility at Express since 2005.
“I congratulate Mark on his appointment as our go-forward CFO, underscoring the significant contributions he has made to Express throughout his career. We look forward to continuing to benefit from his extensive leadership experience and financial expertise as we move ahead,” added Glendinning.
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