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Tim Baxter

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WHP Global and EXPR to Acquire Bonobos from Walmart for $75 Million

by Katie Lee

Columbus, Ohio, and New York City — Parent company of fashion apparel retailer Express, Inc., EXPR, and global brand management firm, WHP Global have entered a definitive agreement to acquire menswear brand Bonobos, Inc. from Walmart Inc., for a combined $75 million. This is the first acquisition to be made jointly by WHP Global and EXPR since finalizing their strategic partnership earlier this year. Bonobos, founded in 2007 and acquired by Walmart in 2017, distinguished itself in the menswear category based on product fit, customer experience and the innovative Guideshop …

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Newspeopleretailers

Express, Inc. President & COO to Retire

by Katie Lee

Columbus, Ohio — The president and chief operating officer of fashion apparel retailer Express, Inc., Matthew Moellering, plans to retire on May 5, 2023. He has been with the company for 20 years. Express has retained executive search and leadership advisory firm Spencer Stuart to conduct an external search for Moellering’s replacement. Moellering has been with Express since 2003 and was appointed to his current position in September 2019. He served as interim CFO from October 2021 to March 2022 and interim CEO and president from January through June 2019; …

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Newspeopleretailers

Express Appoints New Senior Vice President and CFO

by Katie Lee

Columbus, Ohio — Fashion apparel retailer Express, Inc. has appointed Jason Judd as the company’s senior vice president and chief financial officer, effective April 4th. He joins Express from Big Lots and will report to CEO Tim Baxter. “I am pleased to welcome Jason to Express, Inc.,” says Baxter. “He is a seasoned, well rounded and accomplished financial executive with a proven track record of delivering results. His experience across industries and companies, combined with his passion for retail makes him a terrific complement to our extraordinary leadership team, and …

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Newsretailers

Express, Inc. Receives $140 Million in Additional Financing to Bolster Liquidity

by Katie Lee

Columbus, Ohio — Fashion apparel retailer Express, Inc. has entered into a definitive loan agreement with Sycamore Partners as lead lender, along with Wells Fargo and Bank of America Merrill Lynch, that strengthens its liquidity position by an additional $140 million. The new financing includes a $90 million FILO Term Loan with a maturity date of May 24, 2024, and a $50 million Delayed Draw Term Loan, to be repaid upon receipt of a CARES Act tax refund expected to be received in the second quarter of 2021. This financing …

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Newsretailers

Express Plans to Close 100 Stores by 2022

by Katie Lee

Columbus, Ohio — Express, Inc., a leading fashion apparel retailer, is launching a new corporate strategy that will include the closure of 100 stores over the next 2 years. “My expectation is that we will return to a mid-single-digit operating margin through a combination of low-single-digit comp sales growth, margin expansion and cost reductions,” says Tim Baxter, chief executive officer. “This will of course take some time, but we have a clear path.” Additionally, Express aims to reinvigorate its brand. Based on customer insights, the company is unveiling its new …

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