Express, Inc.

Last updated
Express, Inc.
Company type Public
OTC Pink: EXPR
NYSE: EXPR
Industry Retail
Founded1980;44 years ago (1980) [1] (as Limited Express)
Chicago, Illinois, U.S.
Headquarters Columbus, Ohio, U.S.
Number of locations
500+ (2021) [2]
Areas served
United States, Canada (online only), Puerto Rico, Mexico, Panama, Costa Rica, Guatemala, El Salvador
Key people
Stewart Glendinning (CEO)
Products
RevenueIncrease2.svg US$1.87 billion (2021) [3] [4]
US$ 0.7 million (2021)
US$ -14.4 million (2021)
Total assets US$ 1.25 billion (2021)
Number of employees
10,000 (2021)
Subsidiaries EXPRESS

UpWest

BONOBOS
Website express.com

upwest.com

bonobos.com
An Express store ExpressFairview.jpg
An Express store

Express, Inc. [5] is an American fashion retailer whose portfolio includes Express, Bonobos and UpWest. The Company operates an omnichannel platform as well as physical and online stores. Grounded in a belief that style, quality and value should all be found in one place. The company consists of the brands Express, Bonobos, and UpWest, and is traded on the OTC Pink under the symbol EXPR.

Contents

The company is headquartered in Columbus, Ohio. [1] Express, INC operates 500+ stores in the United States, Puerto Rico, Mexico, Costa Rica, Panama, El Salvador and Guatemala. [2]

History

Limited Brands, in 1980, opened the first Express store, [6] as women's clothier "Limited Express" in Chicago's Water Tower Place. [7] Former CEO Michael Weiss joined the brand in 1981 when the test expanded to include eight stores. By 1986, Express had 250 stores and began testing the sale of men's merchandise in 16 stores the following year. The men's fashion line was spun off into its own brand, Structure, in 1989.

In 1990, its beauty line became a standalone retailer called Bath & Body Works. [8]

In 2001, Express became a dual gender brand with the reintegration of its Structure stores as "Express Men". Dual gender Express stores began opening the following year. Structure apparel brand was sold to Sears in 2003. [9]

In November 2019, Express announced spinoff UpWest, a DTC lifestyle brand geared towards health, wellness, and sustainability. With the launch of UpWest also came its philanthropic arm, The UpWest Foundation, which will donate 1% of total sales up to $1 million towards Mental Health America, Random Acts and Freedom Dogs of America. [10]

In April 2023, Express, Inc and management firm WHP Global agreed to acquire Bonobos from Walmart.

Bankruptcy

In August 2023, Express announced that they would be laying off 150 workers in effort to achieve $150 million in annualized expense reductions by the end of 2025. [11] On October 24, 2023, Express warned that it may have to file for Chapter 11 bankruptcy protection as it has been hit hard from the COVID-19 pandemic, stating store sales have been declining for years and rising costs putting the company in heavy debt. [12]

In February 2024, Express warned it was preparing for a debt restructuring process and a bankruptcy filing within the upcoming weeks and had hired M3 and Kirkland & Ellis to advise the company on discussions with lenders and bondholders. [13]

On April 2, 2024, Express warned that it could file for bankruptcy as soon as the following week as it asked for lenders to help finance the bankruptcy procedure. It was having trouble paying its creditors. As a result, Express' stock fell approximately 14%. [14] [15] On April 22, 2024, Express and all of its affiliated subsidiaries declared Chapter 11 bankruptcy in the United States, listing assets and liabilities between $1 billion and $10 billion. [16] The company announced plans to close 95 Express stores and all of its UpWest stores. Liquidation sales began on April 23, with the affected stores to conclude liquidation sales by June 30. The company also received a non-binding letter from WHP Global for the sale of most of its stores, operations, and assets. [17] That same day, Express announced that it would sell itself in Chapter 11 to a group led by Simon Property Group and Brookfield Properties, and also warned that more closures could come within weeks. [18]

On April 23, 2024, Express warned that it could be forced to liquidate if it is unable to complete a proposed buyout within the next 30 days. [19]

Express as a privately held company

In May 2007, Limited Brands announced its intent to sell a 67% stake in Express to an affiliate of a private equity firm called Golden Gate Capital Partners, based in San Francisco. [20] When the sale was finalized in July 2007, Golden Gate's stake in the company was 75% instead of the announced 67%.

In May 2010, there was an initial public offering, On May 13, the company sold 16 million shares for $17 each, raising about $272 million. Shares had been planned to sell between $18 and $20 each. On May 14, the shares opened at $17 to $16.50 before recovering slightly to close down 1.5% at $16.75 on the New York Stock Exchange. [21]

Since the IPO, Golden Gate and Limited Brands gradually reduced their ownership interest in the Company. In July 2011, Limited Brands sold its remaining ownership interest in the Company, and as a result of this disposition, ceased to be a related party as of the end of the second quarter of 2011. In March 2012, Golden Gate sold its remaining ownership interest in the Company, and as of May 31, 2012, Golden Gate no longer had representation on the Board. As a result of the disposition and Board seat removal, Golden Gate ceased to be a related party as of June 2012. [22]

Design studio

Express clothes are designed at the Express Design Studio on 111 Fifth Avenue New York City, New York in Manhattan's Flatiron District. [23]

Related Research Articles

<span class="mw-page-title-main">JCPenney</span> American department store chain

Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, is an American department store chain that operates 663 stores across 49 U.S. states and Puerto Rico. Departments inside JCPenney stores include Men's, Women's, Boys', Girls', Baby, Bedding, Home, Fine Jewelry, Shoes, Lingerie, JCPenney Salon, JCPenney Beauty, as well as leased departments such as Seattle's Best Coffee, US Vision optical centers, and Lifetouch portrait studios.

<span class="mw-page-title-main">Toys "R" Us</span> American international toy, clothing and baby product retailer

Toys "R" Us is an American toy, clothing, and baby product retailer owned by Tru Kids and various others. The company was founded in 1948; its first store was built in April 1948, with its headquarters located in Parsippany-Troy Hills, New Jersey, in the New York metropolitan area.

<span class="mw-page-title-main">Bed Bath & Beyond</span> American houseware big-box retailer (1971–2023)

Bed Bath & Beyond was an American big-box retail chain specializing in housewares, furniture, and specialty items. Headquartered in Union, New Jersey, the chain operated stores in the United States and Canada, and was once counted among the Fortune 500 and the Forbes Global 2000. The chain filed for Chapter 11 bankruptcy in April 2023 and liquidated all of its remaining stores, with the last closing on July 30, 2023. Following the retail chain's liquidation, its name was adopted by online retailer Overstock.com, which acquired the company's trademarks in a bankruptcy auction. The name is also still used by the chain's former Mexican division, which is now independent.

<span class="mw-page-title-main">PacSun</span> American retail clothing brand

Pacific Sunwear of California, LLC is an American retail clothing brand. The company sells lifestyle apparel, along with swim, footwear and accessories designed for teens and young adults. As of 2022, the company operates 325 stores in all 50 states and Puerto Rico. PacSun is headquartered in Anaheim, California, and formerly operated a distribution center in Groveport, Ohio. The company's regional directors, district managers and store positions are located throughout the United States. The company went bankrupt in April 2016 and is now owned by Golden Gate Capital.

Gottschalks was a middle-tier American department store that operated 58 department stores and three specialty apparel stores in six western states ; some locations ran as Harris-Gottschalks stores. Prior to liquidation, it was the largest independently owned, publicly traded department store chain in the United States. On January 14, 2009, Gottschalks filed for Chapter 11 bankruptcy. This bankruptcy became a liquidation on March 31, 2009. At least five prime locations became Macy's stores, while several more became Forever 21 stores.

<span class="mw-page-title-main">Aéropostale (company)</span> American clothing retailer

Aéropostale Inc., is an American shopping mall–based retailer of casual apparel and accessories, principally aimed at young adults and teenagers. Aéropostale maintains control over its proprietary brands by designing, sourcing, marketing, and selling all of its own merchandise. The company sells via Aéropostale stores in the United States and through its e-commerce site.

Payless ShoeSource Worldwide, LLC, is an international discount footwear chain. Established in 1956 by cousins Louis and Shaol Pozez, Payless was a privately held company owned by Blum Capital, and Golden Gate Capital. In 1961, it became a public company as the Volume Shoe Corporation, which merged with The May Department Stores Company in 1979. In the 1980s, Payless was widely known in the U.S. for its Pro Wings line of discount sneakers, which often had Velcro straps instead of laces. In 1996, Payless became an independent publicly held company. In 2004, Payless announced it would exit the Parade chain and would close 100 Payless Shoe outlets. On August 17, 2007, the company acquired the Stride Rite Corporation and changed its name to Collective Brands, Inc. The company had a total revenue for 2011 of US$3.4 billion. The company also has a stunt premium banner, Palessi Shoes. Payless is currently owned by a group of investors led by Alden Global Capital and Axar Capital Management.

<span class="mw-page-title-main">Sports Authority</span> Defunct American sporting goods retailer

Sports Authority, Inc. was an American sports retailer based in Englewood, Colorado. At its peak, Sports Authority operated 463 stores in 45 States and Puerto Rico. The company's website was on the GSI Commerce platform and supported the retail stores as well as other multi-channel programs. A joint venture with ÆON Co., Ltd., operates "Sports Authority" stores in Japan under a licensing agreement.

Golden Gate Capital is an American private equity firm based in San Francisco. The firm makes investments in a number of select industries, including technology, financial services, retail and industrial, through leveraged buyout transactions, as well as significant minority purchases and growth capital investments. As of April 2018, it had over $15 billion in assets under management.

Modell's Sporting Goods Online, Inc. is an online sporting goods and related apparel retailer. Modell's began with operating retail stores between the late 1980s and the late 2010s. In 2020, Modell’s became a brand owned by the private equity firm Retail Ecommerce Ventures.

<span class="mw-page-title-main">99 Cents Only Stores</span> American discount store chain

99 Cents Only Stores LLC is an American price-point retailer chain based in Commerce, California, United States of America. It offers "a combination of closeout branded merchandise, general merchandise and fresh foods." The store initially offered all products for 99¢ or less. The base price became 99.99¢ in 2007 and products were later introduced at higher prices.

<span class="mw-page-title-main">Urban Behavior</span>

Urban Behavior also spelled Behaviour is a unisex apparel retailer in Canada with a focus on club wear. The chain was founded in 1989 by Arif Noor. and has since been acquired by YM Inc.

<span class="mw-page-title-main">Nine West</span> American online footwear retailer

Nine West, also known as 9 West, is an American online fashion retailer which is based in White Plains, New York. It was founded in 1983 and closed its brick and mortar stores business in 2018. Its products continue to be sold at other retailers.

Avenue Stores LLC was a specialty retailer in the United States offering plus-size clothing to women who wear larger-size clothing. The company serves a target audience of women aged between 25 and 55 years of age, wearing apparel of size 14 or larger, and also sells shoes and accessories. The group operated 222 stores in 33 states in 2019, all under the name The Avenue.

Golfsmith International Holdings Inc. was an American golf specialty retailer based in Austin, Texas. Each store, along with golfsmith.com, housed a wide selection of golf clubs, shoes, apparel, gadgets and gear from all the major brands as well as proprietary offerings. They also offered custom club fitting, lessons and services for golfers.

<span class="mw-page-title-main">Bonobos (apparel)</span> American apparel company

Bonobos is an upscale e-commerce-driven apparel company that designs and sells menswear including men's suits, trousers, denim, shirts, shorts, swimwear, outerwear, and accessories. The company was founded by Stanford Business School students Andy Dunn and Brian Spaly, and launched as an online retailer in 2007.

Edison Brothers Stores, Inc., was a retail conglomerate based in St. Louis, Missouri. It operated numerous retail chains mainly located in shopping malls, mostly in the fields of shoes, clothing and entertainment, with Bakers Shoes as its flagship chain. The company was liquidated in 1999, though some of the chains it operated continued under different owners.

Sycamore Partners is an American private equity firm based in New York specializing in retail and consumer investments. The firm has approximately $10 billion in aggregate committed capital.

References

  1. 1 2 "Shop Men's and Women's Clothing". Express. Archived from the original on 2014-07-20. Retrieved 2014-05-31.
  2. 1 2 "Inline XBRL Viewer". Archived from the original on 2020-06-14. Retrieved 2020-06-14.
  3. ↑ "Archived copy". Archived from the original on 2022-03-09. Retrieved 2022-03-10.{{cite web}}: CS1 maint: archived copy as title (link)
  4. ↑ "Express, Inc. (EXPR) Income Statement - Yahoo Finance". Archived from the original on 2020-06-14. Retrieved 2020-06-14.
  5. ↑ "Terms & Conditions". www.express.com. September 30, 2019. Archived from the original on 2020-09-06. Retrieved 2020-09-03.
  6. ↑ "Limited to Sell Most of Express Brand - washingtonpost.com". www.washingtonpost.com. Archived from the original on 2017-02-02. Retrieved 2017-01-27.
  7. ↑ "The Express Way". tribunedigital-chicagotribune. Archived from the original on 2017-02-02. Retrieved 2017-01-27.
  8. ↑ https://www.racked.com/2014/12/3/7566589/bath-body-works
  9. ↑ "Sears Buys Structure Apparel Brand - Los Angeles Times". Articles.latimes.com. 2003-09-16. Archived from the original on 2014-03-29. Retrieved 2014-05-31.
  10. ↑ Moore, Kaleigh. "Express Launches UpWest, A New Lifestyle Spinoff Brand". Forbes. Archived from the original on 2019-11-15. Retrieved 2019-11-15.
  11. ↑ "Express plans layoffs, reverse stock split". Retail Dive. August 18, 2023. Retrieved October 24, 2023.
  12. ↑ "Popular mall retailer facing potential Chapter 11 bankruptcy". TheStreet. October 24, 2023. Retrieved October 24, 2023.
  13. ↑ "Express Prepares for Debt Restructuring and Possible Bankruptcy Within Weeks". The Wall Street Journal. February 12, 2024. Retrieved February 12, 2024.
  14. ↑ Fonrouge, Gabrielle (2024-04-04). "Retailers like Peloton and Saks keep paying vendors late, signaling possible 'financial distress'". CNBC. Retrieved 2024-04-22.
  15. ↑ "Retailer Express Holds Talks for Bankruptcy Financing". Bloomberg. April 2, 2024. Retrieved April 2, 2024.
  16. ↑ Bhatnagar, Parija (2024-04-22). "Express files for bankruptcy; closing more than 100 stores | CNN Business". CNN. Retrieved 2024-04-23.
  17. ↑ "Apparel retailer Express files for US bankruptcy protection, to close over 100 stores". Reuters. April 22, 2024. Retrieved April 22, 2024.
  18. ↑ "Express Is Closing Over 100 Stores as Mall Titans Simon, Brookfield Seek To Buy Its Assets". CoStar. April 22, 2024. Retrieved April 22, 2024.
  19. ↑ "Express Risks Liquidation If Buyout Deal Can't Be Reached Soon". Bloomberg Law. April 23, 2024. Retrieved April 23, 2024.
  20. ↑ REED, MATT (2007-05-15). "Limited to Sell Most of Express Brand". The Washington Post. ISSN   0190-8286. Archived from the original on 2017-02-02. Retrieved 2017-01-27.
  21. ↑ Baldwin, Clare (13 May 2010). "Express, Roadrunner fall in debut; TeleNav rises". Reuters. Archived from the original on 2010-12-05. Retrieved 2014-05-31.
  22. ↑ Express_10Q_20120830.pdf, http://www.express.com/content.jsp?pageName=Investor Archived 2011-10-11 at the Wayback Machine
  23. ↑ "Explore Design Studio Job Opportunities at Express, Apply Online". Express.com. Archived from the original on 2011-07-26. Retrieved 2014-05-31.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.