UnitedHealth Acquires Amedisys Brookfield Invests in Enbridge FTC Blocks Microsoft-Activision Deal

18 Jun, 2024

UnitedHealth Acquires Amedisys Brookfield Invests in Enbridge FTC Blocks Microsoft-Activision Deal

Express Inc., a well-known apparel retailer, has received a lifeline through a significant acquisition effort led by a consortium named Phoenix. This group, fronted by WHP Global and supported by real estate giants Brookfield Property, Simon Property Group, and Centennial Real Estate, has been approved by a Delaware bankruptcy court to acquire Express, which filed for bankruptcy earlier this year. The acquisition bid, comprising $136 million in cash and assuming $38 million in liabilities, is focused on acquiring both the online and physical store operations of Express.

The transaction is expected to finalize pending standard closing conditions, allowing Phoenix to manage the direct-to-consumer operations of Express and Bonobos in the United States. Phoenix aims to reinvigorate these brands as a financially revitalized DTC retail platform, emphasizing sustained growth and operational continuity for over 450 physical stores and existing e-commerce platforms. This move follows Express's earlier announcement, made during its bankruptcy proceedings, of plans to close approximately 95 of its namesake stores, including both full-price and factory outlet locations, as well as all 10 UpWest stores.

Yehuda Shmidman, chairman and CEO of WHP Global, expressed optimism following the court's approval, highlighting the consortium's commitment to preserving Express Inc. and serving its dedicated customer base. The collaboration with Simon Property Group and Brookfield Property, renowned for their successful rescue efforts with other retail tenants such as Forever 21 and JCPenney, underscores a strategic partnership aimed at securing a prosperous future for Express and Bonobos amid the evolving retail landscape.