Apparel retailer Express jumps on deal to buy Walmart's Bonobos

Express

14/04/2023 15:25

** Shares of apparel retailer Express Inc  EXPR.N  rise as
much as 25.4% to $0.85
    ** Co, along with brand management firm WHP Global, said on
Thursday after trading hours it was buying Walmart Inc's  WMT.N 
Bonobos menswear unit for $75 mln
    ** WHP Global pays $50 mln for the brand while EXPR pays $25
mln for brand's operating assets and liabilities 
    ** Walmart acquired Bonobos for $310 mln in June 2017
    ** Brokerage Jefferies says while the sale comes at a loss
for WMT, overall impact will be relatively minimal to its
financial results, but views the decision to sell as prudent
    ** Stock last up ~21%
    ** EXPR down 19.3%, while WMT up 5.6% so far in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))