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US court approves Express Retail's acquisition by WHP venture Phoenix

18 Jun '24

2 min read

US court approves Express Retail's acquisition by WHP venture Phoenix

Pic: Express Inc

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WHP Global, along with Simon Property Group, Brookfield Properties, and Centennial Real Estate, has established PHOENIX, receiving court approval to purchase most of Express, Inc.
This new retail platform will handle all U.S. direct-to-consumer operations for Express and Bonobos, focusing on brand revitalization and growth while maintaining over 450 stores.

WHP Global, in collaboration with an affiliate of Simon Property Group ("Simon"), Brookfield Properties ("Brookfield"), and Centennial Real Estate ("Centennial"), announce the formation of PHOENIX, a new retail operating platform, which received court approval to acquire a majority of Express, Inc. operations. Upon closing, PHOENIX will operate all direct-to-consumer (DTC) commerce in the U.S.A. for Express and Bonobos.

PHOENIX will serve as a financially revitalized DTC retail platform and set the stage for long-term growth for the Express and Bonobos brands. PHOENIX will focus on strengthening the core operations of Express and Bonobos, ensuring the continuity of over 450 physical stores, e-commerce operations and the preservation of nearly 7,000 jobs across the country.

Yehuda Shmidman, Chairman & CEO of WHP Global, emphasized the importance of this transaction: "We are thrilled to partner with Simon, Brookfield, and Centennial to launch PHOENIX. Today's court approval and the formation of PHOENIX marks a vital step in our mission to save Express Inc. and continue serving millions of customers who love the Express and Bonobos brands. With the restructuring actions accomplished during the Chapter 11 process, we believe Express is now well-positioned for a powerful path forward, benefiting all stakeholders, including our valued vendor partners, licensees, landlords and dedicated team."

The transaction is expected to close within the coming week, subject to customary closing conditions.