Express sold for $174 million to joint venture that includes three of its landlords

Express will live to see another day — thanks in part to three of its key landlords.

 A Delaware bankruptcy court has approved the stalking horse bid from a consortium called Phoenix — led WHP Global and including Brookfield Property, Simon Property Group and Centennial Real Estate — to acquire the struggling apparel retailer, which filed for bankruptcy in April. (In January 2023,  Express and WHP entered into a joint venture.)

The bid, which was for the online and brick-and-operations of Express, consisted of $136 in cash and $38 million in assumed liabilities, WWD reported.  

The transaction is expected to close within the coming week, subject to customary closing conditions. Upon closing, Phoenix will operate the direct-to-consumer businesses of Express and Bonobos in the United States.

In a release, Phoenix said it will serve as a “financially revitalized” DTC retail platform and set the stage for long-term growth for the Express and Bonobos brands. Going forward, Phoenix plans to focus on strengthening the core operations of of the two brands and ensuring the “continuity” of over 450 physical stores and e-commerce operations. Express previously had about 600 stores.