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Joseph S. Pete
A new owner bought Express, a trendy fashion retailer with a few locations in Northwest Indiana, out of bankruptcy but still plans to close a Region store this week.
The Columbus, Ohio-based chain plans to close its store in the Southlake Mall in Hobart on Thursday. It still will operate outlet stores in the Town Square Shopping Center at Indianapolis Boulevard and Main Street in Schererville and in the Lighthouse Place Premium Outlets mall in Michigan City.
Express sells fashionable clothing for men and women. It stocks dresses, jeans and men's suits, offering clothing for both work and leisure.
The retailer was sold to Phoenix Retail,a joint venture between WHP Global and mall owners Simon Property Group and Brookfield Properties that are looking to keep the longtime tenant afloat.
"The successful sale of Express is a testament to the resilience and dedication of all parties involved,"said Ian Fredericks, President and COO of Hilco Consumer-Retail. "We congratulate WHP Global, Simon Property Group, and Brookfield Properties on this strategic acquisition and look forward to seeing Express continue to thrive under their new ownership."
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Hilco Global, often known mainly as a retail liquidator, loaned Express $90 million during bankruptcy so it could remain a going concern.
"The successful transition of Express is a prime example of how we leverage our extensive expertise to support businesses through challenging times and position them for future growth. Hilco Global is a comprehensive financial services provider, offering tailored solutions that drive value and success for our clients," he said. “Our enduring partnership with Express showcases Hilco Global's extensive range of services beyond asset monetization. By providing strategic financial solutions and operational expertise, we have supported Express through various phases, culminating in a successful transition. This collaboration exemplifies our commitment to being more than just a financial partner— we are a catalyst for sustainable growth and success. We are excited to see Express continue to flourish under WHP’s stewardship."
A look back at Northwest Indiana businesses that closed in 2023
A look back at Region businesses that closed in 2023
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Joseph S. Pete
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