Express, Inc. (OTCPK:EXPR) (?Express? or the ?Company?) announced that it has received a non-binding letter of intent from a consortium led by WHP Global (?WHP?), and participants including a wholly owned indirect subsidiary of Simon Property Group, L. P. (?Simon?) and Brookfield Property Partners L.P. (?Brookfield?) for the potential sale of a substantial majority of the Company?s retail stores and operations. To facilitate the sale process, Express and its subsidiaries have filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware.

Express has received a commitment for $35 million in new financing from certain of its existing lenders, subject to court approval. Additionally, on April 15, 2024, the Company received $49 million in cash from the Internal Revenue Service related to the CARES Act. Express is continuing to serve customers in stores and online across its EXPRESS, Bonobos and UpWest brands and expects to conduct business as usual as the Company works to right-size its lease portfolio and operations.

?We continue to make meaningful progress refining our product assortments, driving demand, connecting with customers and strengthening our operations,? said Stewart Glendinning, Chief Executive Officer. ?We are taking an important step that will strengthen our financial position and enable Express to continue advancing our business initiatives.

WHP has been a strong partner to the Company since 2023, and the proposed transaction will provide us additional financial resources, better position the business for profitable growth and maximize value for our stakeholders.? Mr. Glendinning added, ?Express has a strong portfolio of brands and a premier omnichannel platform. Our top priority remains providing our customers with the contemporary styles and value they expect from us.

We thank our associates for their continued hard work and commitment, and we appreciate the ongoing support of our vendors, suppliers and business partners?. The Company has filed a number of customary motions seeking court authorization to support its operations, including the payment of employee wages and benefits without interruption and the continuation of customer loyalty programs. The Company expects to receive court approval for these requests shortly. The Company looks forward to working with its vendor and supplier partners to ensure a continued successful enterprise for the benefit of the Company?s customers and the communities it serves.

The Company expects to have sufficient liquidity to support the business during the court-supervised sale process. The Company will continue to assess its store footprint in connection with this process. A&G Realty Partners is assisting the Company with this effort.

Kirkland & Ellis LLP is serving as legal counsel to Express, Moelis & Company LLC is serving as investment banker, and M3 Partners, LP is serving as financial advisor.