EXPRESS Inc. has been a key player in the business casual apparel market for over 40 years, offering versatile clothing for a wide audience. However, in recent times, the company has encountered significant obstacles that nearly plotted its downfall.
Reduced mall traffic and a shift towards more casual fashion trends have impacted its core offerings, leading to a decline in business. In an effort to revitalize the brand, Express, along with its recent acquisition of Bonobos, has entered a new joint venture with three major retail property owners: Simon Property Group, Brookfield Properties, and Centennial Real Estate. This partnership is reminiscent of Simon and Brookfield’s previous acquisition of J.
C. Penney out of bankruptcy in 2020. Yehuda Shmidman, chairman and CEO of WHP Global, conveyed optimism about this new chapter for Express.
“[Friday’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,” Shmidman said in a statement per Retail Dive . “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.
” As the retail landscape shifts, many companies are exploring growth opportunities beyond traditional malls. When asked if Phoenix might tak.