New York City The owner of Express said Tuesday 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, according to the Associated Press.
The 30-year-old Express operates 573 stores 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.
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.
The company plans to take the name Express and trade under the "EXPR" symbol.
Private-equity firm Golden Gate Private Equity acquired its 75% stake in the chain from Limited Brands in 2007 for $602 million.