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Retailer Express plans IPO of up to $200 million

NEW YORK -- The owner of the Express retail apparel chain said Monday it is planning to go public.

Express Parent LLC, based in Columbus, Ohio, said in a regulatory filing that it could raise as much as $200 million in its initial public offering. It did not give a date for going public or say how many shares would be offered.

The 30-year-old chain, made up of 573 stores, sells clothes aimed at men and women in their 20s. It said it seeks to recapture market share and plans to open about 30 new stores a year for the next five years as the retail sector recovers from the recession.

Private-equity firm Golden Gate Private Equity Inc. acquired its 75 percent stake in the chain from Limited Brands Inc. in 2007 for $602 million. Limited Brands owns Victoria's Secret, Bath & Body Works and four other chains.

The company said in the filing with the Securities and Exchange Commission that it intends to use proceeds of the offering to prepay debt that is due in 2015 as well as unpaid interest and prepayment penalties.

As of Oct. 31, 2009, Express had about $416.9 million in outstanding debt.

In the 39 weeks ended Oct. 31, Express had net sales of $1.17 billion, down 4.7 percent from $1.23 billion a year earlier. It posted a profit of $29.3 million compared to a loss of $1.89 million a year earlier.

The company plans to take the name Express Inc. and trade under the "EXPR" symbol.

BofA Merrill Lynch and Goldman Sachs are the lead underwriters.