Express, Inc.

Express, Inc.

Company type	Public
Industry	Fashion retail
Founded	January 1, 1980 (1980-01-01) in Chicago, Illinois, United States
Headquarters	Columbus, Ohio , United States
Area served	United States, Puerto Rico, Mexico, Costa Rica, Panama, El Salvador, Guatemala, Canada (online only)
Key people	Stewart Glendinning (CEO)
Products	Apparel, fashion accessories, personal care items, footwear
Number of employees	10,000 (2021)
Website	www.express.com

Overview

Express, Inc. is a United States-based fashion retailer encompassing the brands Express, Bonobos, and UpWest. The company maintains a comprehensive omnichannel presence, combining both brick-and-mortar and digital retail platforms. It is publicly traded on the OTC Pink market under the ticker symbol EXPR.

The corporate headquarters are situated in Columbus, Ohio. As of 2021, Express, Inc. manages over 500 retail locations across the United States, Puerto Rico, Mexico, Costa Rica, Panama, El Salvador, and Guatemala.

Corporate Details

Express, Inc., originally founded in Chicago, Illinois in 1980 under the name Limited Express, has expanded its footprint to serve multiple markets primarily within North and Central America. The company’s product range includes apparel, fashion accessories, personal care items, and footwear.

Leadership is headed by CEO Stewart Glendinning. In 2021, Express generated revenues amounting to approximately $1.87 billion with an operating income of $0.7 million. Despite this, the company reported a net loss of $14.4 million for the same fiscal year. Total assets were valued at $1.25 billion while employing around 10,000 individuals.

Brand Portfolio and Market Presence

Express operates through its three main brands: Express, Bonobos, and UpWest. The enterprise serves customers via a combination of physical stores and online channels throughout the United States and select international markets including Canada (online only), Puerto Rico, Mexico, Panama, Costa Rica, Guatemala, and El Salvador.

File:ExpressFairview.jpg

An Express retail location

History

In 1980, Limited Brands launched the inaugural Express store under the name "Limited Express," positioned as a women's apparel retailer in Chicago's Water Tower Place. The store embraced the vibrant and colorful fashion trends typical of the 1980s, incorporating a faux French design influence. The brand expanded under former CEO Michael Weiss, who joined in 1981 as the concept grew to eight locations. By the following year, the company simplified its name by removing "Limited."

By 1986, Express had grown to 250 outlets and began shifting away from neon lighting, synthetic fabrics, and vivid colors. The following year, it initiated a trial of men's clothing in 15 stores. This men's line was later separated into a distinct brand called Structure in 1989. By 1991, Express operated 600 stores and surpassed $1 billion in revenue.

In 2001, Express reintroduced men's apparel by merging Structure stores back into the brand as "Express Men." The launch of co-ed Express stores started in 2002. Subsequently, in 2003, Sears acquired the Structure apparel brand.

Express reported $1.7 billion in net sales by 2006. In May 2007, Limited Brands revealed plans to sell a majority stake—67%—of Express to Golden Gate Capital Partners, a private equity firm based in San Francisco. The transaction was completed in July 2007 with Golden Gate acquiring a 75% ownership for $484.9 million.

By January 2010, Express operated 573 locations and had generated $1.72 billion in net sales during the previous year. The company went public with an IPO in May 2010 but priced its shares below initial expectations. Shortly thereafter, both Golden Gate and Limited Brands began divesting their holdings. Limited Brands fully exited its investment by July 2011, followed by Golden Gate's complete divestment in March 2012.

Sales declined over the two years leading up to 2014. In June of that year, Sycamore Partners purchased a 10% stake in Express with intentions to acquire the entire company. However, by January 2015, Sycamore ceased its acquisition efforts.

In November 2019, Express unveiled UpWest, a direct-to-consumer lifestyle brand focused on health, wellness, and sustainability. Alongside UpWest's launch came The UpWest Foundation, which commits to donating 1% of total sales—up to $1 million—to organizations including Mental Health America, Random Acts, and Freedom Dogs of America.

In April 2023, Express, Inc., in partnership with management firm WHP Global, agreed to acquire Bonobos from Walmart for $75 million. Under this deal, Express will pay royalties to WHP for the brand’s management rights.

Bankruptcy

In August 2023, Express revealed plans to reduce its workforce by 150 employees as part of an initiative to cut $150 million in annual expenses by the end of 2025. On October 24, 2023, the company issued a cautionary statement indicating a potential Chapter 11 bankruptcy filing due to prolonged declines in store sales exacerbated by the COVID-19 pandemic and escalating operational costs, which have significantly increased its debt burden.

By February 2024, Express disclosed preparations for a debt restructuring and an impending bankruptcy filing anticipated within weeks. To navigate negotiations with creditors and bondholders, the company engaged advisory services from M3 and Kirkland & Ellis.

On April 2, 2024, Express signaled the possibility of filing for bankruptcy as early as the following week, simultaneously requesting financial support from lenders to facilitate the process amid difficulties meeting creditor obligations. This announcement triggered an approximate 14% drop in the company’s stock price. Subsequently, on April 22, 2024, Express and its subsidiaries officially filed for Chapter 11 protection in the United States, reporting assets and liabilities ranging between $1 billion and $10 billion. The company also declared intentions to shutter 95 Express locations along with all UpWest stores. Liquidation sales commenced on April 23 and were scheduled to conclude by June 30 for the affected outlets. Additionally, Express received a non-binding proposal from WHP Global regarding the acquisition of most of its stores, operations, and assets. On the same day, it announced plans to sell itself under Chapter 11 to a consortium led by Simon Property Group and Brookfield Properties, while cautioning that further store closures might occur in the coming weeks.

The following day, April 23, 2024, Express warned that failure to finalize a proposed acquisition within 30 days could result in forced liquidation.

In June 2024, PHOENIX—a joint venture comprised of WHP Global, Simon Property Group, and Brookfield Properties—secured court approval to purchase Express’s business operations.

Design studio

The apparel for Express is created at the Express Design Studio located at 111 Fifth Avenue in New York City, New York, situated within the Flatiron District of Manhattan.

External links

• Official website