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RCS Real Estate Advisors to help Express ‘right-size’ its portfolio

Express storefront
Express currently operates about 500 stores.

RCS Real Estate has partnered with Express,Inc. to support the retailer’s financial restructuring.

The national retail real estate advisory firm will spearhead the strategic realignment and right-sizing of the U.S. lease portfolio and operations of Express, which filed for Chapter 11 bankruptcy protection in April. As part of its previously announced restructuring process, Express will streamline its real estate portfolio, closing approximately 95 Express stores nationwide and all of its UpWest stores.

The strategic footprint realignment, coupled with RCS’s efforts to realign rents with sales performance at the remaining 400 locations, will enable Express to right-size and thrive in today’s challenging retail environment in connection with a going concern transaction, stated RCS..

“Partnering with RCS Real Estate Advisors represents an important step forward as we continue to take action to strengthen our financial position and revitalize our brands,” said Jon Thompson, VP of real estate at Express. “By restructuring and optimizing our real estate portfolio, we expect to align occupancy costs with sales performance to ensure that our stores remain profitable and competitive in today’s evolving retail marketplace.”

Express, whose portfolio also includes Bonobos, operates stores ranging in size from just under 5,000 to over 22,000 sq. ft., with an average size of approximately 8,400 sq. ft., larger than most retailers’ average store footprint, according to RCS.

“We’re honored to partner with Express during this critical phase in their go-forward plan,” said Ivan Friedman, president and CEO of RCS Real Estate Advisors. “At RCS, we bring decades of retail real estate expertise, specifically for retail brands in distress, allowing us to address the company’s unique challenges. Our objective is to reduce occupancy costs across the entire portfolio to position the business for long-term success.”

Founded in 1981, RCS Real Estate Advisors is a leading national retail real estate advisory firm that provides innovative, tenant-centric solutions for complex real estate challenges. The firm specializes in reducing occupancy costs, restructuring leases and expanding physical footprints.

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