PHOENIX will
Operate DTC Commerce in the U.S.A.
for Express & Bonobos
NEW
YORK, June 14, 2024 /PRNewswire/ -- WHP
Global, in collaboration with an affiliate of Simon Property
Group ("Simon"), Brookfield Properties ("Brookfield"), and Centennial Real
Estate ("Centennial"), announce the formation of PHOENIX, a new retail operating platform,
which received court approval to acquire a majority of Express,
Inc. operations. Upon closing, PHOENIX will operate all direct-to-consumer
(DTC) commerce in the U.S.A. for
Express and Bonobos.
PHOENIX will serve as a
financially revitalized DTC retail platform and set the stage for
long-term growth for the Express and Bonobos brands. PHOENIX will focus on strengthening the core
operations of Express and Bonobos, ensuring the continuity of over
450 physical stores, e-commerce operations and the preservation of
nearly 7,000 jobs across the country.
Yehuda Shmidman, Chairman &
CEO of WHP Global, emphasized the importance of this transaction:
"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. 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.
About PHOENIX
PHOENIX RETAIL LLC was formed in 2024 by WHP
Global, an affiliate of Simon Property Group, Brookfield
Properties, and Centennial Real Estate to acquire the Express
Retail Company and operate Express & Bonobos direct-to-consumer
businesses in the United
States.
About WHP Global
WHP Global is a leading New York based firm that acquires global
consumer brands and invests in high-growth distribution channels
including digital commerce platforms and global expansion. WHP owns
a portfolio of consumer brands that collectively generate over USD
$7 billion in global retail sales.
The company also owns WHP+, a turnkey direct to consumer digital
e-commerce platform, and WHP SOLUTIONS, a sourcing agency based in
Asia. For more information, please
visit www.whp-global.com.
About Simon
Simon® is a real estate
investment trust engaged in the ownership of premier shopping,
dining, entertainment and mixed- use destinations and an S&P
100 company (Simon Property Group, NYSE: SPG). Our properties
across North America, Europe and Asia provide community gathering places for
millions of people every day and generate billions in annual
sales.
About Brookfield Properties
Brookfield Properties is a
fully-integrated, global real estate services company, providing
industry-leading portfolio management capabilities across the real
estate investment strategies of Brookfield Asset Management — a
global alternative asset manager with over $925
billion in AUM. Brookfield Properties develops and
manages premier real estate with a focus on maximizing the tenant
experience in addition to the investment and operational
performance of the asset. We also focus on integrating leading-edge
real estate technologies which enables us to be at the forefront of
innovation and sustainability – benefiting not only our tenants and
business partners, but also the communities in which we
operate. For more information about our approach to operating
and developing best-in-class real estate, please
visit brookfieldproperties.com.
About Centennial
Centennial is a retail real estate
owner and operator with a national portfolio of shopping, dining,
entertainment and mixed-use destinations as well as a full-service
property management platform serving third-party owners. With over
300 employees nationwide, the firm now operates 24.5 million square
feet of mixed-use destinations in 15 states. Since 1997, Centennial
has played a pivotal role in shaping the evolution of American
retail by creating a superior multi-faceted shopping experience
with properties that serve not only as a place of commerce, but as
a place of community. For more information,
visit CentennialREC.com.
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SOURCE WHP Global