Last $16.02 USD
Change Today +0.46 / 2.96%
Volume 1.1M
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As of 8:04 PM 08/1/14 All times are local (Market data is delayed by at least 15 minutes).

express inc (EXPR) Key Developments

Express Inc. Announces Management Changes

Express Inc. announced that Mr. Michael Weiss, Chairman and Chief Executive Officer of the Company, will retire as Chief Executive Officer of the Company, effective January 30, 2015, and that the Board of Directors of the Company appointed Mr. David Kornberg, President, to assume the role of Chief Executive Officer, in addition to his role of President, effective upon Mr. Weiss' retirement. Mr. Weiss will serve as non-executive Chairman of the Board of Directors of the Company following his retirement as Chief Executive Officer. Effective upon the date that Mr. Kornberg assumes the role of Chief Executive Officer, the Board of Directors of the Company will automatically increase in size from seven to eight and Mr. Kornberg will be appointed as a Class II director to fill the vacancy. Mr. Kornberg, age 46, has served as the Company's President since October 2012. Mr. Kornberg first joined Express in 1999 and has held various roles of increasing responsibility, including as Executive Vice President of Men's Merchandising and Design from December 2007 to October 2012 and General Merchandise Manager of the Express Men's business prior to that.

Sycamore Mulls Remaining Stake In EXPR

Sycamore Partners is looking to acquire the remaining stake in Express Inc. (NYSE:EXPR). EXPR confirmed that it has received a letter from Sycamore indicating that Sycamore is interested in acquiring EXPR. EXPR has established a special committee of the Board to determine a course of action it believes is in the best interest of all stockholders. Perella Weinberg Partners LP acted as the financial advisor and Sullivan & Cromwell LLP acted as the legal advisor for EXPR and the special committee.

Express, Inc. Declares Cash Dividend, Payable on June 23, 2014

On June 12, 2014, the Board of Directors of Express Inc. declared a dividend payable on June 23, 2014 of one right for each outstanding share of common stock, par value $0.01 per share, of the Company held of record at the close of business on June 23, 2014.

Sycamore Indicates Interest in Express

Express, Inc. (NYSE: EXPR) confirmed that it has received a letter from Sycamore Partners, indicating that Sycamore Partners is interested in acquiring Express. Express also announced that it has established a special committee of the Board to determine a course of action it believes is in the best interest of all stockholders. In addition, Perella Weinberg Partners LP and Sullivan & Cromwell LLP have been engaged to serve as advisors to Express and the Special Committee.

Express Announces Franchisee to Open Stores in Johannesburg, Cape Town and Durban in 2014

Express announced that it has revealed that it plans to introduce the Express brand in South Africa through a franchise agreement with Edcon Group. The company brand is expected to launch its store in store concept at select Edgars department stores, which is Edcon Group's retail business, by the end of 2014 with standalone Express store locations to open in 2015. Currently, there are 11 Express franchise stores in the Middle East and 15 franchise stores in Latin America. Its franchisee will now open stores in Johannesburg, Cape Town and Durban in 2014.

 

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EXPR

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Valuation EXPR Industry Range
Price/Earnings 14.8x
Price/Sales 0.6x
Price/Book 2.7x
Price/Cash Flow 14.7x
TEV/Sales 0.4x
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