PHOENIX Receives Court OK to Acquire Operations of Express Retail Company

WHP Global, in collaboration with an affiliate of Simon Property Group, Brookfield Properties and Centennial Real Estate, has announced 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 commerce in the U.S. 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. It 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.

“We are thrilled to partner with Simon, Brookfield and Centennial to launch PHOENIX,” says Yehuda Shmidman, chairman, chief executive officer, WHP Global. “The 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.”

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