Private Equity Firm Sycamore Seeks to Acquire Express After Buying 9.9% Stake
Sycamore Partners, a private-equity firm that focuses on retail investments, said it's interested in acquiring the struggling clothing chain Express after amassing a 9.9 percent stake in the company. In a letter to Express’ board, Sycamore said it would like to perform due diligence to determine a price for the retailer. The investment firm said it would submit a bid within 30 days of getting access to Express’ books. Shares of the clothing chain, which had a $1.14 billion valuation at the close of trading today, surged as much as 33 percent after hours.