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WHP Global’s new retail operating platform will be acquired by Express, Inc.

Posted on by darion

WHP Global hopes its Express and Bonibos retail brands will return to long-term growth. Source: Shutterstock.

WHP Global’s new retail operating platform joint venture will handle all U.S. direct-to-consumer (DTC) sales for Express and its Bonobos retail brand and hopes to “set the stage for long-term growth for both brands.”

Phoenix is ​​a collaboration between WHP Global, a subsidiary of Simon Property Group, Brookfield Properties and Centennial Real Estate, and aims to retain more than 450 brick-and-mortar stores and nearly 7,000 jobs nationwide, as well as its e-commerce operations.

CEO WHP Global CEO and President Yehuda Shmidman emphasized the importance of this transaction: “We are excited to partner with Simon, Brookfield and Centennial to launch Phoenix.”

Shmidman added that the court’s approval and formation of Phoenix represents a “significant step” in its mission to save Express Inc. and continue to serve the millions of customers who love the Express and Bonobos brands.

He said: “With the restructuring activities undertaken through the Chapter 11 process, we believe Express is now well-positioned for a successful path forward for the benefit of all stakeholders, including our valued supplier partners, licensees, owners and dedicated team.”

In April, it was announced that all 12 of Express, Inc.’s UpWest stores would be closed as part of the bankruptcy settlement. and 95 Express retail stores.

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Express Inc also said it had then received a non-binding letter of intent from a consortium led by WHP Global regarding the potential sale of the vast majority of the company’s retail stores and operations.

The decision to file for bankruptcy follows reports that Express, Inc. was considering debt restructuring and possible bankruptcy due to declining sales and mounting losses. In the third quarter, Express Inc announced a net loss of $154.2 million compared to $39.3 million a year earlier. The company’s operating losses increased to $138.4 million compared to a loss of $28.2 million a year earlier.