Express sold, Limited will go...

I can't say that I shop at either Express or Limited stores, but it still is sad (and somewhat shocking) to see them be sold. At least they didn't sell off Bath and Body Works, or I would be out of a job before I even start! This article was in the Columbus Dispatch this morning...

Wexner exiting apparel trade
Express sold, Limited will go; lingerie, fragrance chains stay

Wednesday, May 16, 2007 3:43 AM
By Jeffrey Sheban

THE COLUMBUS DISPATCH

After selling off a majority interest in its Express division yesterday, Limited Brands put a for-sale sign on the last piece of the core clothing business started in Columbus by Leslie H. Wexner.

In the future, Limited Brands will focus on its fast-growing Victoria's Secret lingerie and Bath & Body Works personal-care lines, which accounted for more than 90 percent of profit last year.

Ending months of speculation, the Columbus retailer said it had agreed to sell 67 percent of Express to the private-equity firm Golden Gate Capital for $548 million. Limited Brands will keep a minority stake in the 631-store chain but will not be involved in day-to-day operations after the sale, which is expected to close by July 6.

In addition, the company will seek a buyer for the 253-store Limited Stores division, which traces its roots to 1963, when Wexner opened his first Limited store in the Kingsdale Shopping Center.

If Wexner was feeling sentimental about the exit from apparel, he wasn't showing it yesterday.

Back home, the sale of Express isn't expected to result in any downsizing in Columbus and could result in more jobs down the road, another senior executive said.

"We've retained an ownership interest (in Express) because we … continue to believe in its continued growth," said Martyn Redgrave, chief administrative officer at Limited Brands.

Express, which focuses on work and casual clothing for young men and women, will continue to use Limited's Easton-area headquarters and distribution centers.