as outlined by its long-Standing technique to enhance shareholder value by sharpening its focus and simplifying its structure, Limited Brands Inc announced a definitive agreement to sell a majority interest in its Express brand and an intent to explore strategic options for Limited Stores.
“Our strategic agenda focuses on growth in the underwear, and personal care and beauty segments of our business. The new ownership structure for Express will provide it with the time, Leadership focus and capital to improve its potential, alleged Leslie H. Wexner, Chairman and chief executive officer. “in keeping with our past practices, We intend to return excess cash to investors. We will also engage in a complete review of our SG&A expenses with a view to a resizing and realignment that is right for the size and complexity of our new enterprise structure,
Limited Brands announced that it has signed a definitive agreement with affiliates of Golden Gate Capital to sell a 67% ownership concern in its Express brand for cash proceeds of $548 million. enterprise expects that after-Tax cash proceeds will estimate $425 million, cause to undergo any post closing adjustment. The card is expected to close no later than July 6th, And is short sale customary conditions.
mister. Wexner added an extra, “We have been very encouraged by the progress and improved performance that Express has demonstrated over recent times and a half. We continue to believe in Express and its potential. realistically, We structured this transaction specially in order to continue to participate in the growth of Express through our 33% ownership interest,.