Motion for Asset Sale Approved for Express, Inc. - STore Closing Sales
May 15, 2024 at 12:00 am EDT
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The US Bankruptcy Court gave an order approving Express, Inc.?s entry into an agency agreement on May 15, 2024. The debtor has been authorized to appoint Hilco Merchant Resources, LLC as its agent to conduct store-closing sales. According to the approved agency agreement, agent guarantees that debtor shall receive the sum of 7.5% of the gross proceeds (excluding Sale Taxes) from the Sale of the Additional Agent Goods.
Express, Inc. is a multi-brand fashion retailer. The Companyâs business includes an omnichannel operating platform, physical and online stores, and a multi-brand portfolio that includes Express and Bonobos. The Company operates Express retail and Express Factory Outlet stores in the United States and Puerto Rico, the Express.com online store and the Express mobile app; and Bonobos Guideshop locations and the Bonobos.com online store. It sells its products through its online store, www.express.com, its mobile app, as well as through franchisees who operate Express locations in Latin America. It also sells gift cards in its stores, on its e-commerce Website, and through third parties. It utilizes facilities for the distribution of its products, both of which are owned and operated by third parties. Virtually all the merchandise sold in its stores and on its Website is received and processed at a central distribution facility in Columbus, Ohio.