Express files for bankruptcy, plans to close nearly 100 stores as investor group looks to save the brand [CNBC]
Simon Property Group, Inc. (SPG)
Last simon property group, inc. earnings: 2/4 07:30 am
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Source: CNBC
Express, whose portfolio includes its namesake banner, Bonobos and UpWest, said it will close 95 of its eponymous shops and all of its UpWest doors. Closing sales are expected to begin Tuesday. The company said hours for remaining stores won't change and it will continue to accept orders and returns as usual. In a news release, Express said it filed for bankruptcy to “facilitate” a sale process of most of its retail stores and operations to the investor group, which includes WHP, Simon Property Group and Brookfield Properties. It received a nonbinding letter of intent from the investors to buy the assets, and has also secured $35 million in new financing from some of its existing lenders, subject to court approval. “The proposed transaction will provide Express with additional financial resources, better position the business for profitable growth and maximize value for the Company's stakeholders,” Express said. Express also secured $49 million in cash from the IRS related to t
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SPG
Earnings
- 2/5/24 - Beat
SPG
Sec Filings
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- SPG's page on the SEC website