Phoenix, a newly formed direct-to-consumer platform led by WHP Global in collaboration with an affiliate of Simon Property Group, Brookfield Properties and Centennial Real Estate, has successfully acquired the majority of Express Inc.’s retail operating assets. The deal earlier had been approved by the U.S. Bankruptcy Court.
Phoenix now operates all retail and e-commerce in the United States for both Express and Bonobos, which includes over 450 physical stores. This acquisition not only secures the legacy of Express and Bonobos, but also sets the stage for future expansion in the retail sector, the group said. Express had filed for Chapter 11 protection in April.
“We are thrilled to partner with Simon, Brookfield and Centennial to launch Phoenix. Today’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,” said Yehuda Shmidman, chairman and CEO of WHP Global, in the June 17 announcement of Phoenix’s formation. “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.”
The transaction is expected to close within the coming week, subject to customary closing conditions.
