Express has been a shopping mall staple since the 1980s.
In recent years, Express has been squeezed by thin margins and declining shopping mall traffic, combined with the rise of the athleisure category during the pandemic.
Bankruptcy has helped Express to stay in business, get out of old leases and even given it a chance to revive its fortunes.
The new joint venture, called PHOENIX, received New York court approval for the acquisition of Express on June 14.
Watch the video to find out more about the rise and fall of Express — and its likelihood of rising again under its PHOENIX owners.
Persons:
Michael Weiss, Eric Beder
Organizations:
Consumer Research, CNBC, Express, WHP, Simon Property Group, Brookfield Properties, PHOENIX
Locations:
New York