Owner of Express wants to take chain public
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.
Sub-Zero, Wolf products to be featured in HGTV Dream Home
MADISON, Wis. Sub-Zero and Wolf products have been selected as the exclusive kitchen appliances for HGTV’s 2010 Dream Home, the companies announced.
Located in Sandia Park, New Mexico, the HGTV Dream Home Kitchen showcases the latest in kitchen design and innovative kitchen appliances.
This year, the HGTV Dream Home Kitchen features a “green” line up, with three Energy Star rated Sub-Zero refrigerators, each using less energy than a 100-watt light bulb. There is also a Wolf induction cooktop that is 50% more efficient than a regular electric cooktop, and a Wolf oven that is a sustainable product that consumes less energy without reducing performance.
In addition to the Wolf induction cooktop and oven, the kitchen boasts a powerful and flexible lineup of cooking tools, including a Wolf steamer, gas cooktop, and a drawer microwave oven. The home features appliances outside the kitchen as well, with a Wolf warming drawer in the master bathroom and a Wolf outdoor grill on the patio.
Some modest growth online
Any growth is better than no growth, and that’s pretty much what the retail industry got online during the fourth quarter, as sales advanced 3% to $39 billion, according to online measurement firm comScore. The online retail industry is now essentially even with where it was in the fourth quarter of 2007, and the recent 3% gain is good news, given that sales in the previous four quarters were either flat or down. However, the resumption of growth didn’t benefit all market participants equally, as comScore singled out Walmart and Amazon as market share gainers. Total e-commerce spending for the year declined slightly to $129.8 billion, as the 3% fourth quarter gain was offset by flat first-quarter sales, a 1% second-quarter decline and a 2% third-quarter decline.