Express Chief Executive Officer Michael Weiss, who has run the business since it was an eight-store experiment by Limited Brands in 1980, is passing the reins to President David Kornberg next year. Weiss will stay on as nonexecutive chairman after Kornberg takes the CEO job on Jan. 30, the Columbus, Ohio-based company said yesterday in a statement. Weiss, 73, had previously retired in 2004, though he returned in 2007 when the business was acquired by Golden Gate Capital Corp. The management change comes at the same time as a possible takeover fight.
Express announced the opening of its first factory outlet store at the Tanger Outlets National Harbor in Washington, D.C. The U.S. specialty retail apparel chain plans to open approximately 30 additional factory outlet locations throughout the U.S. in 2014. "We're particularly excited about our outlet initiative, which represents a new format for Express," said Michael Weiss, the chairman and chief executive officer of Express. The factory outlet concept supports the retailer's growth strategy of becoming more accessible to the 20-something, fashion-conscious, yet price-sensitive customer.
Specialty retailer Express expects to have its first stores in Latin America open by year end. The operator of 600 U.S. stores catering to customers in their 20s and 30s has identified international expansion as a key growth driver. The company, through one of its subsidiaries, entered into a franchise agreement with Fastco Commercial S.A. to open more than 30 stores during the next five years in markets that include Panama, Peru, Costa Rica, Colombia, The Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras and Nicaragua.
Columbus, Ohio -- Express said Monday it will open two flagship stores in 2013 – one in Times Square in New York City and the other in San Francisco’s Union Square. The San Francisco store is slated to open in the summer and Times Square – at the corner of 46th Street and Broadway – is expected to open in the fall. “The age old mantra of 'location, location, location' was certainly at work in the selection of these two properties,” said Michael Weiss, chairman, president and CEO of Express. “These flagships will … serve as a gateway to
Express, a specialty retail apparel chain operating more than 600 stores, today announced that its board of directors has authorized the company to repurchase up to $100 million of company common stock. The repurchase program will be funded using the company's available cash and is expected to be executed over the next 18 months. Michael Weiss, chairman, president and CEO, stated: "Our board believes that at the current price our stock is undervalued based on many criteria, including the long-term growth prospects for the company, and that the repurchase program is an effective means to enhance shareholder value."
- Net sales increase 6% COLUMBUS, Ohio, May 22, 2012 /PRNewswire/ -- Express, Inc. Michael Weiss, Express, Inc.'s Chairman, President, and Chief Executive Officer commented: "We had a solid start to the year, reporting a double digit increase in earnings per diluted share while making steady progress toward our long-term goals. The first quarter included the roll out of our new loyalty program, Express NEXT, to all stores in the United States and the opening of four new stores in our new design format. In addition, shortly after quarter end, we entered into a multi-country international franchise arrangement,