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目錄
美國
證券交易委員會
華盛頓特區 20549
 表格 10-K
(選擇一個)
 根據1934年證券交易法第13或15(d)條提交的年度報告
 
截至的財年 二月三日, 2024
 根據1934年證券交易法第13條或15(d)條的轉變報告
  
過渡期從                   
 
委員會文件編號: 001-34742
EXP OldCo Winddown, Inc.
(註冊人名稱按章程所示)
 
特拉華州 26-2828128
(公司或其他註冊組織的州或轄區) (聯邦稅務局僱主識別號)
1號快遞驅動
哥倫布, 俄亥俄州
43230
(主要執行辦公室地址)(郵政編碼)
 
註冊人的電話號碼,包括區號:(614474-4001
 根據該法第12(b)條註冊的證券:無
每一類股票的名稱交易代號註冊的每個交易所名稱
根據該法案第12(g)條註冊的證券:無1
1.在2024年4月24日,註冊人根據法案第12g-4(a)(1)條款提交了表格15,以終止其普通股的註冊,每股面值爲0.01美元,按照法案第12(g)條的規定。根據第12g-4(a)(1)條款,註冊的終止於2024年7月23日生效,這距離註冊人向證券交易委員會提交表格15所需的認證90天。
 
如果註冊人是根據證券法第405條定義的知名成熟發行人,請用勾號表示。 是 ☐   ☒
 
如果註冊人不需要根據《法案》第13條或第15(d)條提交報告,請用勾選表示。  是 ☐    ☒
 
請勾選以表示註冊人(1)在過去12個月內(或註冊人要求提交此類報告的較短期間內)已提交證券交易法第13條或第15(d)條所要求的所有報告,以及(2)在過去90天內一直受到此類提交要求的約束。 是 ☐  ☒
 
請勾選是否註冊人已在過去12個月內(或註冊人被要求提交此類文件的較短期間內)按《規則S-t第405條》(本章第232.405條)提交了每一個須提交的互動數據文件。 ☒  否  ☐
 
用複選標記指明註冊人是大型加速申報人、加速申報人、非加速申報人、小型申報公司還是新興成長型公司。請參閱《交易法》第1202條中 「大型加速申報人」、「加速申報人」、「小型申報公司」 和 「新興成長型公司」 的定義。
大型加速報告公司加速報告公司
非加速報告公司小型報告公司
新興增長公司
如果一家新興成長的公司,則標示勾選方框表示,是否申報人選擇不使用《交易所法》第13(a)條所提供的遵守任何新的或修訂的財務會計準則的延長過渡期。 ☐
請勾選以指示註冊人是否已經就管理層對其財務報告內部控制有效性的評估,按照《薩班斯-豪利法案》第404(b)條款(15 U.S.C. 7262(b))提交了報告,並且由準備或發佈其審計報告的註冊公共會計師事務所進行了認證。
如果證券是根據法案第12(b)節註冊的,請通過勾選來指明提交的註冊人基基本報表是否反映了對以前已發佈基本報表的錯誤更正。
請按複選框表示在相關的恢復期間,根據§240.10D-1(b),這些錯誤更正中是否有任何需要對註冊人執行官所獲得的基於激勵的補償進行恢復分析的重述。☐
請用勾選標記表明註冊人是否爲空殼公司(根據《法案》第120亿.2條的定義)。 是 ☐ 否
截至2023年7月29日,註冊人非關聯方持有的普通股的總市值爲:$51,795,927.
註冊人普通股的流通股份數量爲 3,746,725 截至2024年12月30日。
EXP OldCo Winddown, Inc. | 2023 表格 10-k | 1

目錄
目錄
     基本報表註


EXP OldCo Winddown, Inc. | 2023 表格 10-k | 2

目錄
介紹性備註
在2024年4月22日(「申請日期」),EXP OldCo Winddown, Inc.(前稱Express, Inc.,以下簡稱「公司」)及其某些直接和間接子公司(統稱爲「債務人」)向美國特拉華州破產法院(「破產法院」)提交了自願申請,啓動第11章(「第11章案件」)的程序,依據美國法典第11標題(「破產法」)。第11章案件在標題“關於:Express, Inc.等。(案件編號24-10831)。2024年12月17日,破產法院確認了一項重組聯合計劃(「計劃」)。根據計劃,從持續經營出售交易(在下文第II部分第7項中進一步描述)(「出售交易」)和債務人剩餘資產的處置所得將優先分配給合格的索賠持有者,隨後每個債務人的資產將被清算。公司預計計劃將於2024年12月31日左右生效。截至本年度10-k表格(「表格10-K」)的日期,公司及其他債務人不再有任何運營,除了與計劃中提供的清算程序相關的活動。

在申請日期之後,公司提交了後生效的修訂案,以刪除未售出的證券,並向美國證券交易委員會("SEC")提交了一份15號表格,以終止公司普通股的註冊, 每股面值$0.01 (「普通股」)根據1934年證券交易法第12(g)條(經修訂)(「交易法」),並根據交易法第15(d)(1)條暫停其報告義務,因爲公司普通股的記錄持有人少於300人(且在1933年證券法(經修訂)中註冊的其他類別證券沒有持有人)。公司提交此10-K表格僅爲滿足其在提交15號表格之前未提交的所有報告的義務。這是公司預計向SEC提交的最後一份報告。

在2024年5月6日,公司向SEC提交了120亿的Nt 10-k表格,其中披露公司由於其管理層投入了大量時間和資源在第11章案件中,無法及時提交Form 10-k,而無需付出不合理的努力和費用,並且需要準備和審核Form 10-k中要求的披露。由於所有必要的程序和流程已完成,公司現在正在提交Form 10-k。

除非在本10-k表格中另有具體說明,否則此處所提供的描述和披露反映了截至2024年2月3日(公司2023財年的最後一天)公司過去的業務情況,這一時間點在提交第11章案件之前。在交易完成後,公司不再進行任何運營,除了與完成第11章程序和計劃中提供的結束程序相關的運營。

作爲《證券法》下S-K法規定義的「較小報告公司」,本公司選擇享受適用於較小報告公司的簡化披露義務。

關於公司普通股的注意事項
公司提醒,在第11章案件期間交易其普通股具有高度投機性,並存在重大風險。公司普通股的交易價格可能與在第11章案件中普通股持有者的實際回收(如有)關係不大或沒有關係。如計劃所述,公司的所有現有股權(包括其普通股)將被取消和終止,股東不會因其普通股而獲得任何回收。 因此,股東將在計劃下經歷投資的完全損失。

關於前瞻性聲明的警示性聲明
本表格10-k包含前瞻性聲明 在1995年私人證券改革法案的「安全港」條款內 這些聲明面臨風險和不確定性。本表格10-k中除了歷史事實聲明以外的所有聲明都是前瞻性聲明。本表格10-k中的前瞻性聲明可能包括,例如,我們對第11章案件的結果和時間的當前預期和預測,包括計劃的有效性。您可以通過以下事實識別前瞻性聲明:
EXP OldCo Winddown, Inc. | 2023年10-k表格 | 3

目錄
並不嚴格與歷史或當前事實相關。這些陳述可能包括諸如「預期」、「估計」、「期望」、「預測」、「計劃」、「潛在」、「打算」、「相信」、「可能」、「將」、「應該」、「能夠」、「可能」、「繼續」等詞語和類似含義的術語。這些陳述並不保證,並且面臨風險、不確定性和難以預測的環境變化,以及許多超出公司控制的重大偶發事件。

許多因素可能導致公司的實際成果與這些前瞻性聲明存在重大和不利的差異。這些因素包括:與第11章案件相關的風險和不確定性,包括計劃生效的潛在延遲;債務人是否能夠有效地進行計劃所設想的清算過程;第11章程序對各種利益相關者和財務利益相關者的利益的影響,包括他們在第11章案件中的恢復金額(如果有);已知和未知的訴訟和監管程序的結果;遵守法律和法規;以及其他債務人無法控制的風險和不確定性。我們提醒您不要對這些前瞻性聲明過度依賴。除非法律要求,否則我們不承擔任何責任對這些前瞻性聲明進行修訂,以反映本表格10-k日期後的事件或情況,或反映意外事件的發生。
EXP OldCo Winddown, Inc. | 2023 表格 10-k | 4

目錄

第一部分
項目 1. 業務.
在本10-K表格中,"Express"、"我們"、"公司"和"我們的"指的是EXP OldCo Winddown, Inc.(前稱Express, Inc.)及其合併子公司作爲一個整體,除非上下文另有要求。

除非另有具體說明,本文件中包含的公司業務描述反映了截至2024年2月3日(公司2023財年的最後一天)公司的業務,該業務是公司以前運營的,早於2024年4月22日提交的第11章案件。目前,公司的運營僅限於清算其業務。 公司預計將沒有資產可供分配給公司的股東。 按照計劃,所有現有的公司股權(包括普通股的股份)將被取消和滅失,股東不會因其普通股而獲得任何賠償。

公司的財政年度結束於最接近1月31日的星期六。這通常會導致一個五十二週的年度,但偶爾會出現額外的一週,導致一個五十三週的年度。文中提到的公司的財政年度如下:
財政年度截至年份週數
20232024年2月3日53
20222023年1月28日52
將軍
公司成立於2008年6月10日。公司之前是一家多品牌時尚零售商,擁有包括實體店和在線商店在內的全渠道平台。其兩個品牌運營部門是Express,包括UpWest和Bonobos。

品牌描述
快遞
秉持着風格、質量和價值應該集中於一個地方的信念,快遞是一個有目的的品牌 - 我們創造自信。我們激勵自我表達。- 由一個造型社區推動。
UpWest
UpWest是一個提供服裝、配飾和家居用品的品牌,致力於爲人類和地球帶來舒適。
Bonobos
Bonobos 是一個以卓越的合身度和創新的零售模式而聞名的男裝品牌。
截至2024年2月3日,我們在美國和波多黎各運營589家門店,其中包括192家工廠直銷店。我們的門店主要位於交通繁忙的購物中心、生活方式中心、奧特萊斯和街頭位置,平均面積約爲7,600平方英尺。我們還通過express.com在線商店、Express移動應用程序、bonobos.com在線商店和upwest.com在線商店及在拉丁美洲根據特許經營協議運營Express門店的特許經營商出售我們的產品。我們2023年的商品銷售中,93%爲服裝,7%爲配飾及其他,其中女裝佔53%,男裝佔47%。截至2024年2月3日,Express運營門店的構成如下:
門店數量
快捷店
零售店326 
專賣店192 
總零售及專賣店數量518 
UpWest12 
Bonobos59 
總店鋪589 
EXP OldCo Winddown, Inc. | 2023 年度表格 10-k | 5

目錄
截至本表格10-K的日期,目前沒有Express運營的門店。
Bonobos收購
在2023年5月23日,我們完成了對Bonobos運營資產的收購。請參閱 附註5 在本10-K表格的其他地方包含的合併基本報表中,更詳細地討論有關收購的內容。

WHP戰略合作伙伴關係
參考 附註4 有關WHP合作伙伴關係的進一步討論,請參閱本10-K表格中其他部分的合併基本報表。
競爭與競爭力
服裝零售市場競爭非常激烈。在銷售交易之前,我們與其他涉及女性和男性服裝、配飾及類似商品零售的全渠道零售商競爭。我們的競爭基於多個因素的組合,包括商品的風格、種類、質量和價格,店內和在線的客戶體驗,以及品牌形象。
我們的產品
在我們在申請第11章破產案件之前進行零售運營時,我們大部分的服裝設計都是由我們內部設計團隊創建的。我們建立了一種設計和商品營銷理念,稱爲Express Edit,這一理念支持我們的品牌承諾:「爲現實生活的多功能性編輯現在最好的東西」。以下是定義Express Edit商品營銷理念的四個想法:

多功能性增加價值
創造一種現代的穿衣體驗,提供多種方式在工作、娛樂、白天和夜間穿着
新與現在
通過每月在關鍵類別中的配送,滿足客戶對新鮮感的渴望,了解時尚目前的趨勢,並展望未來的發展,以不斷更新季節性衣櫥。
駕馭牛仔
牛仔布是現代衣櫥的基礎。我們徹底重新設計了我們的產品系列,並提供價格在100美元以下的高檔牛仔褲。
添加配件
配飾是時尚的切入點,也是服裝的附加元素,價格適中。
我們規劃了產品組合,並在我們的門店和在線以協調的方式展示,以鼓勵顧客購買可以多種方式穿着、適用於多種場合的商品。

全渠道客戶體驗
和我們的客戶一樣,我們將零售視爲一種無縫集成實體店和在線渠道的全渠道體驗。
EXP OldCo Winddown, Inc. | 2023 年 FORM 10-K | 6

目錄

我們的商店是我們全渠道平台的核心。我們設計商店以創造獨特而吸引人的購物環境,並展現Express作爲時尚權威的形象。我們的商店具有活潑和年輕的外觀,明亮的標識和流行音樂。我們商店的構建和裝修使我們能夠在一年中根據季節的變化有效調整商品展示。

與我們的門店類似,我們的電子商務能力旨在創造一個引人入勝且便捷的購物體驗,支持充滿活力的時尚消費,無論是在移動設備、平板電腦還是桌面電腦上,特別關注移動體驗。

採購
我們的採購方法
我們利用遍佈全球的廣泛製造商基礎。我們沒有自己的製造設施,因此與第三方廠商簽訂合同生產所有商品。我們通過採購代理和直接從供應商處購買服裝和配飾。作爲佣金的交換,我們的採購代理識別合適的供應商,並通過代表我們下訂單來協調我們的採購需求,促使貨物及時交付給我們,獲得在工廠生產的商品樣本,檢查成品商品,並代表我們進行供應商合規監測和行政通信。

我們通過與大約45個供應商的安排,利用位於約20個國家、近200個製造設施,主要在亞洲,購買了大多數商品。這些商品2023年主要源自五個國家:越南、中國、印度尼西亞、印度和孟加拉國,根據購買商品的總成本。根據成本排名,前10個製造設施在2023年佔我們商品的約29%。我們通過採購訂單購買商品,因此不受任何供應商、製造商或採購代理的長期生產合同的限制。
質量保證與合規監測
每個供應商、工廠和製造我們商品的分包商都必須遵守我們的供應商行爲準則以及某些其他採購條款和條件,包括與產品質量相關的條款。這是爲了確保我們每個供應商的運營在合法、道德和負責任的方式下進行。我們的供應商行爲準則要求每個供應商提供最低工資和福利,限制工作時間,遵守所有法律,包括環保母基法律,並提供安全、健康的工作環境。它還禁止使用童工或強迫勞動,並禁止未經授權的分包。我們通過第三方監測合規情況,這些第三方爲我們進行定期的工廠審計,以及通過我們的採購代理進行監控。

配電
截至2024年2月3日,我們利用以下三個設施進行產品分銷:

位置擁有與運營:
哥倫布,俄亥俄州(主要服務於Express商店和電子商務運營)第三方
裏奇伍德,肯塔基州(主要服務於Express電子商務運營)第三方
佛羅倫斯,新澤西州(僅服務於Bonobos商店和電子商務運營)第三方
我們在Express商店和網站上銷售的幾乎所有商品都是首先在位於俄亥俄州哥倫布市的中央分銷中心接收和處理的。然後,分配到商店銷售的商品被運送到我們的商店,而供在線直接銷售給消費的商品則運送到位於肯塔基州Richwood的分銷中心("Richwood設施")。通常商品以第三方物流服務的方式每週多次運送到這些商店和Richwood設施,從而爲它們提供穩定的庫存流。負責運營Richwood設施的第三方負責執行通過
EXP OldCo Winddown, Inc. | 2023年FORM 10-K | 7

目錄
我們的網站直接向客戶或商店配送商品,使用第三方遞送服務。此外,某些零售店有能力直接將選定的在線商品運送給我們的客戶。

我們在Bonobos商店和網站上銷售的所有商品均在新澤西州佛羅倫薩的一箇中央配送中心("佛羅倫薩設施")接收和處理。從那裏,爲店內銷售分配的商品被運送到我們的商店,而用於在線銷售的商品則直接運送給消費者。運營佛羅倫薩設施的第三方負責履行通過我們網站下的多數訂單,並通過第三方快遞服務將商品直接送到客戶手中。

知識產權
Express商標及其某些變體,例如Express World品牌,已在美國專利和商標局及許多外國國家的登記處註冊或正在申請中。此外,Express商標也在許多註冊的域名中使用,包括express.com。在2022年第四季度,我們將某些知識產權出售給了The Joint創業公司,並根據下文進一步討論的知識產權許可協議獲得該知識產權的回許可證。
知識產權許可協議
在與WHP的戰略合作伙伴關係中,我們與合資企業簽訂了知識產權許可協議(「許可協議」)。許可協議爲我們在美國提供了獨家許可,允許我們根據公司、WHP and Express LLC(公司全資子公司)簽訂的會員權益購買協議(「會員權益購買協議」)和某些其他知識產權貢獻的知識產權。許可協議的初始期限爲10年,許可協議自動續訂10年(除非我們在初始或適用的續訂期限結束前至少24個月提供了不續訂通知)。除了我們不續訂許可協議的權利外,任何一方都不能終止許可協議。根據許可協議,我們需要按以下費率支付實際特許權使用費:(i)某些許可商品在第一至第五個合同年度的零售額的3.25%(以及之後的3.5%),以及(ii)此類商品批發銷售產生的淨銷售額的8%。合資企業的現金收益按比例每季度分配給公司和WHP。請參閱 「管理層對財務狀況和經營業績的討論和分析——流動性和資本資源」 和 備註 2, 備註 4備註 9 請參閱本10-k表中其他地方包含的合併財務報表以供進一步討論。
法規及立法
我們受到勞動和就業法律法規的約束,包括最低工資要求;知識產權法;消費者保護法律法規,包括廣告和促銷、隱私和產品安全的相關法律;對我們商店和業務運營的法律法規,包括《反海外腐敗法》;以及由於成爲上市公司而適用的法律法規,包括要求我們進行某些公開披露並定期向SEC提交報告的規則(在公司於2024年4月24日暫停向SEC提交定期報告的義務之前適用)。此外,我們還受到美國海關法和其他國家與貨物進出口相關的類似法律的約束。

在2024年12月17日,我們與美國證券交易委員會(SEC)達成和解,針對公司自我報告後,SEC發現公司未能披露其前首席執行官在2019、2020和2021財年獲得的某些特權和個人利益。在不承認或否認SEC的發現的情況下,公司同意遵循停止和 desist 訂單。根據公司自我報告未披露這些特權以及與SEC調查的合作,未對其施加任何民事罰款。

EXP OldCo Winddown, Inc. | 2023 表格 10-k | 8

目錄
員工
截至2024年2月3日,我們聘用了大約10,000名員工,其中約30%爲全職員工。

項目1A. 風險因素。
作爲《交易所法》120亿.2條款定義的「小型報告公司」,我們不需要提供本條款所要求的信息。

ITEm 10亿。未解決的員工評論。
不適用。

項目 1C. 網絡安全概念.
除非另有特別說明,以下列出的公司網絡安全概念風險管理程序的描述截至2024年2月3日(即公司2023財年的最後一天),該日期在銷售交易完成之前。儘管我們的董事會(「董事會」)仍然監督網絡安全風險,但由於銷售交易後資源和人員有限,我們目前已不再實施下述的網絡安全概念風險管理程序和治理結構,這可能使我們更容易受到網絡安全風險的影響。

風險管理與策略
網絡安全風險管理是我們企業風險管理策略的重要組成部分,由董事會監督。網絡安全對維護我們客戶和業務夥伴的信任至關重要,我們致力於保護我們和他們的機密及敏感信息,並減輕影響我們系統和網絡的網絡安全風險。爲了應對安全漏洞和網絡攻擊的威脅,我們制定了一個方案,由我們的首席科技官監督,旨在評估、識別和管理來自網絡安全威脅的重大風險。我們的信息安全方案專注於保護和維護公司所有信息的機密性、完整性和持續可用性。

該程序包括應急響應計劃,提供控制措施和程序,以便及時和準確地報告任何重大網絡安全事件。我們定期進行跨部門桌面培訓演練,以排練我們對網絡相關泄露事件或其他重大安防-半導體事件的響應。我們還要求所有員工接受信息安全意識培訓,並通過網絡釣魚模擬測試員工的準備情況,並定期提供安全信息更新。

我們定期評估我們的信息安全程序,並持續投資於我們的能力,以保持我們的客戶、合作伙伴、供應商和我們擁有的信息資產的安全。雖然我們實施了服務提供商盡職調查和入職程序,以識別潛在的網絡安全風險,但我們對服務提供商的網絡安全實踐的監控能力有限,不能保證我們能夠預防或減輕任何對信息系統、軟件、網絡和其他由我們的供應商擁有或控制的資產的妥協或故障的風險。
治理
董事會負責監督我們的信息安全計劃。董事會的審計委員會("審計委員會")負責監督某些風險問題,包括網絡安全,全年定期收到首席科技官的報告。董事會和審計委員會還會收到外部顧問主導的準備評估結果的更新,這些顧問提供我們技術計劃和內部應對準備的獨立第三方評估。審計委員會定期向全體董事會簡報這些事項,董事會也會定期收到有關網絡安全威脅的簡報,以提高董事們對安防-半導體問題的了解。

EXP OldCo Winddown, Inc. | 2023年FORM 10-K | 9

目錄
我們的首席科技官負責制定和執行我們的信息安全計劃。首席科技官與關鍵企業職能部門合作,持續識別、考慮和評估重大網絡安全風險,建立確保監控此類潛在網絡安全風險的流程,實施適當的緩解措施,報告網絡安全漏洞和其他信息安全事件,並維護我們的信息安全計劃。首席科技官在信息技術領導方面擁有超過十年的經驗,包括負責網絡安全事務。我們的信息安全團隊向首席科技官彙報,具備適當的網絡安全經驗和教育背景,包括CISSP和CompTIA認證。我們的管理團隊定期收到有關我們網絡安全態勢的更新,並審查有關我們網絡安全準備情況的詳細信息。管理層至少每季度向董事會和審計委員會提供關於我們的網絡安全及相關風險暴露、緩解此類暴露的政策和程序以及加強我們的信息安全製造行業和程序成熟度、抵禦和應對網絡安全威脅的項目狀態的更新。

項目 2. 屬性。
家庭辦公室、配送中心、設計工作室和攝影工作室
截至2024年2月3日

截至2024年2月3日,我們的589家門店全部是從第三方租賃的。

截至2024年2月3日,我們位於俄亥俄州哥倫布市的公司總部的租約、俄亥俄州哥倫布市的配送設施的租約,以及我們在紐約市的設計辦公室的租約,均定於2031年1月到期。截至2024年2月3日,我們位於俄亥俄州哥倫布市市中心的攝影工作室的租約定於2024年12月到期。

第11章案件及銷售交易的影響

自2024年5月31日起,債務人已按照破產法院批准的程序發出通知並完成了對17份未到期租約的拒絕。2024年8月19日,破產法院延長了債務人假設、假設並轉讓或拒絕未到期租約的截止日期至2024年11月18日。根據破產法院批准的程序,另外101份未到期租約被拒絕。與銷售交易相關的,大約403份Express商店的租約、50份Bonobos商店的租約以及我們在俄亥俄州哥倫布的公司總部租約被轉讓並由買方接受。請參閱「管理層對財務狀況及經營結果的討論與分析 - 第11章案件」和 註釋14 在本10-K表格的其他地方包含的合併基本報表中,更詳細地討論有關收購的內容。

條目 3. 法律程序。
本表格10-K中第Ⅱ部分第7項「管理層關於財務狀況和運營結果的討論與分析」中設定的信息,通過引用併入本第3項。

項目4:礦山安全披露。
不適用。

EXP OldCo Winddown, Inc. | 2023年FORM 10-K | 10

目錄

第二部分
項目5. 註冊人的普通股市場、相關股東事項及發行人購買股權證券。
市場信息
之前,我們的普通股在紐交所(「NYSE」)以「EXPR.」作爲標的進行交易。

2024年3月6日,紐交所通知公司,並公開宣佈,它已決定啓動程序以除牌我們的普通股票。 這基於公司未遵守紐交所上市公司手冊第8020.1亿條規定,該規定要求上市公司在連續30個交易日內維持至少1500万美元的平均全球市值。 2024年3月6日市場收盤後,紐交所暫停了普通股票的交易。

在2024年3月14日,紐交所向SEC提交了撤回上市的通知(表格25)。

公司的普通股目前在場外交易粉色公開市場上以標的「EXPR.Q」交易。場外交易粉色公開市場是一個經銷商間報價系統。場外市場報價反映了經銷商之間的價格,不包括零售加價、減價或佣金,且可能並不一定代表實際交易。

持有人
截至2024年12月30日,我們的普通股共有64位登記持有人。登記持有人數量是基於該日期實際登記的持有人數量,不包括以「街名」持有股份的持有人,或在保管機構維護的證券持倉名單中識別的個人、合夥企業、關聯公司、法人或其他實體。
DIVIDENDS
公司在2023年和2022年未對其普通股支付任何分紅派息,並且公司在未來也不會對其普通股支付任何現金分紅派息。
股票回購
下表提供了截至2024年2月3日的季度期間內,我們或任何根據交易法第100亿.18(a)(3)條款定義的「附屬購買者」代表我們購買普通股票的每個月信息:
月份
總購買股份數 (1)
每股平均購入價格作爲公開宣佈計劃或方案的一部分購買的總股份數
計劃或項目下可能仍然購買的股票的近似美元價值 (2)
(以千爲單位,除每股金額外)
2023年10月29日 - 2023年11月25日— $— — $34,215 
2023年11月26日 - 2023年12月30日— $— — $34,215 
2023年12月31日 - 2024年2月3日
0.2 $8.01 — $34,215 
總計0.2 — 
1.代表根據修訂後的Express, Inc. 2018激勵補償計劃的員工稅款扣繳義務而購買的股份。
EXP OldCo Winddown, Inc. | 2023表格10-K | 11

目錄
2.在2017年11月30日,公司宣佈董事會批准了一項股票回購計劃,授權公司使用可用現金回購最多15000万美元的流通普通股。該計劃允許在公開市場上進行股票回購,包括通過Rule 10b5-1計劃、私下協商交易、區塊購買,或以其他符合適用法律的方式進行,包括《交易所法》第100亿.18條。在與第11章案件相關的過程中,公司的股票回購計劃被無限期暫停。

項目 6.    [保留]

EXP OldCo Winddown, Inc. | 2023年10-K表格 | 12

目錄
項目 7. 管理層對財務狀況和經營成果的討論與分析。
以下討論和分析總結了截至目前及所呈現期間影響公司合併經營成果、財務狀況、流動性和現金流的重大因素。以下討論和分析應與我們的 合併財務報表附註 以及本表格10-k中其他部分包含的相關 備註 本討論包含基於我們管理層信念的前瞻性聲明,以及管理層所做的假設和當前可獲得的信息。由於各種因素,包括下面及本表格10-k中討論的那些,實際結果可能與前瞻性聲明中討論或暗示的結果顯著不同。這裏提到的所有 "2023 " 和 "2022 " 皆指截至2024年2月3日的53週期間和截至2023年1月28日的52週期間。
我們管理層對財務控件和運營結果的討論與分析在以下章節中介紹:


第11章 案例
2024年4月22日,公司及其某些直接和間接子公司(當時稱爲Express Topco LLC、Express Holding, LLC、Express Finance Corp.、Express Fashion Investments, LLC、Express GC、LCC、Express BNBS Fashion, LLC、UW, LLC和快捷時尚數字服務哥斯達黎加分公司,統稱爲 「債務人」)提交了自願申請根據《美國法典》(「破產法」)第11章(「第11章案件」)啓動訴訟的申請美國特拉華特區破產法院(「破產法院」)。第11章的案件在標題下共同管理。”回覆:Express, Inc. 等。”(案例編號 24-10831)。

通過第11章程序,債務人尋求實施持續經營的出售交易。2024年4月21日,公司收到來自由WHP全球及公司兩個最重要的房東,西蒙地產集團有限公司和Brookfield物業公司(「鳳凰合資企業」)領導的財團的非約束性意向書,旨在潛在收購公司資產的大部分,並假設至少280個門店的租約,總代價爲1000万美元,加上所購商品淨有序清算價值的100%,以及適用負債的承擔。2024年5月22日,債務人與鳳凰合資企業簽署了資產購置協議(「購置協議」)。購置協議規定總購置價格約爲17200万美元,其中大約13400万美元爲現金對價,3800万美元爲承擔的負債。2024年6月14日,破產法院發佈命令批准購置協議及其所考慮的出售交易(「出售交易」)。出售交易於2024年6月21日成功完成。根據出售交易,403個Express門店的租約、50個Bonobos門店的租約以及公司位於俄亥俄州哥倫布市的公司總部租約被轉讓並假設給鳳凰合資企業。

此外,通過第11章程序,債務人根據破產法院批准的程序通知並完成了118份未到期租約的拒絕。

2024年7月10日,除了政府單位以外的個人或實體在第11章案件中提交索賠證明的能力已到期。

EXP OldCo Winddown, Inc. | 2023年10-K表格 | 13

目錄
2024年8月7日,破產法院發佈命令,將債務人提交第11章計劃的獨佔期延長至2024年11月19日,並將其接受申請的 solicitação 期限延長至2025年1月20日。

2024年12月17日,破產法庭確認了計劃。根據該計劃,出售交易的收益和債務人剩餘的資產將按優先順序分配給合格的索賠持有人,隨後每個債務人的財產將被清算。公司預計該計劃將在2024年12月31日左右生效。截至本10-K表格的日期,公司和其他債務人不再有任何運營,除了與計劃中提供的清算程序相關的運營。

債務人在佔有融資

爲了管理第11章案件,正常運營債務人的業務,並促進銷售交易的市場營銷和完成,公司獲得了2.14億美元的債務人在破產保護期間融資(「DIP融資」),其中包括:(a) 一筆2500万美元的新單筆提款定期貸款(「第二留置權新資金DIP定期貸款」),以及(b) 一筆相當於(i) 根據2023年9月5日的資產基礎定期貸款協議(「FILO定期貸款協議」)下某些擔保的破產前義務的6300万美元(「第二留置權DIP定期貸款轉增」),和(ii) 根據2015年5月20日的資產基礎貸款信用協議(經修訂,稱爲「ABL信用協議」)下某些擔保的破產前義務的12600万美元(「第一留置權DIP ABL轉增貸款」)。

每一項DIP融資設施的提供均遵循Debtor與適用貸款人在2024年4月24日簽署的各自DIP信貸協議中規定的條款和條件,其中包括先決條件、陳述與保證、各種積極和消極契約,以及該類型融資的常規違約事件。

破產法庭在2024年6月6日批准最終DIP融資(「最終DIP命令」)時所授予的救濟還包括向債務人的預先請求擔保貸方和代理人提供某些充分保護,旨在保護他們在擔保其對債務人預先請求的索賠的抵押品中的利益,防止其價值減損。

請參閱 註釋 8 在本表格10-K的其他地方包含的我們的合併基本報表中有進一步討論。

訴訟

根據破產法第362條,提交第11章案件會自動暫停對相關債務人的大部分行動,包括收取在申請日期之前產生的債務,包括利息支付,或對相關債務人的財產進行控制。根據破產法的某些例外情況,提交第11章案件也會自動暫停大多數法律程序的繼續進行,或就相關債務人或其財產提起的其他行動,以追索、收回或擔保在申請日期之前產生的索賠,或對相關債務人破產財產的財產進行控制,除非破產法院對任何此類索賠修改或解除自動暫停。儘管上面描述的自動暫停一般適用,政府當局仍可決定繼續根據其警察和監管權力提起的行動。沒有破產法院的命令,幾乎所有債務人在申請前的責任都應根據破產法進行和解。

第11章案件和銷售交易是發生在本財務信息所呈現的期間之後的後續事件。因此,本管理層關於財務狀況和經營成果的討論與分析中包含的公司業務和財務信息反映了截至2024年2月3日公司之前運營的業務,此前在2024年4月22日提交第11章案件,並在2024年6月21日完成銷售交易之前。

概述
Express曾作爲一家多品牌時尚零售商,擁有一個包括實體店和在線商店的全渠道平台。其兩個品牌運營部門分別是Express(包括UpWest)和Bonobos。
EXP OldCo Winddown, Inc. | 2023年10-k表格 | 14

目錄
截至2024年2月3日,我們在美國和波多黎各運營589家商店,以及express.com在線商店、Express移動應用程序、bonobos.com在線商店和upwest.com在線商店。

品牌描述
快遞
秉持着風格、質量和價值應該集中於一個地方的信念,快遞是一個有目的的品牌 - 我們創造自信。我們激勵自我表達。- 由一個造型社區推動。
UpWest
UpWest是一個提供服裝、配飾和家居用品的品牌,致力於爲人類和地球帶來舒適。
Bonobos
Bonobos 是一個以卓越的合身度和創新的零售模式而聞名的男裝品牌。
Bonobos收購
2023年5月23日,我們完成了對Bonobos運營資產的收購。
請參閱 附註5 請參閱本10-K表格其他地方所包含的綜合基本報表,了解有關收購的進一步討論。

WHP戰略合作伙伴關係
2023年1月25日,我們完成了與全球領先品牌管理公司WHP的戰略合作交易。根據該交易,截至交易結束,WHP以每股4.60美元的收購價收購了540万股新發行的普通股,合計2,500萬美元,約佔我們已發行普通股的7.4%。該公司和WHP還成立了一家價值約4億美元的合資企業,其中WHP承諾向合資企業提供2.35億美元以獲得合資企業60%的所有權,該公司出資某些知識產權以換取合資企業40%的所有權。請參閱 備註 4 請參閱本10-k表中其他地方包含的合併財務報表,以進一步討論WHP戰略合作伙伴關係。

1拆20反向股票拆分
2023年8月14日,董事會批准實施1比20的普通股反向股票拆分,並相應按比例減少普通股的授權股數。反向股票拆分在2023年8月30日市場收盤後生效(以下簡稱「生效日期」),普通股自2023年8月31日市場開盤起開始按照拆分調整後的基礎交易。

所有板塊的普通股、股票期權獎勵及在合併基本報表中包含的每股金額已作追溯調整,以反映1比20的反向股票拆分。請參閱 註釋9 本表格10-K中其他地方包含的合併基本報表,以進一步討論反向股票拆分。

管理層對持續經營的評估
管理層已得出結論,債務人需要實施第11章重組計劃,以及圍繞第11章案件的成本、風險和不確定性,使人對公司在財務報表發佈後12個月內繼續作爲持續經營單位的能力提出重大質疑。
費用減少計劃
在2023年,我們對我們的業務模型進行了全面審查,以確定預計進一步顯著降低稅前成本並實現更高效、更有效的組織的措施,並已聘請外部顧問協助這一工作。

在2023年,管理層專注於通過降低開支舉措來改善其運營結果、經營現金流和流動性,並制定了應急計劃。
EXP OldCo Winddown, Inc. | 2023年FORM 10-K | 15

目錄
2023年財務詳情
合併淨銷售額減少0.5%,降至18.5亿美金,其中包括Bonobos的淨銷售額爲1.522億美金,2022年的淨銷售額爲186億美元
第53周爲2023年的淨銷售額增加了約2180万美金
合併可比銷售額較2022年下降了9%
可比零售銷售額(包括零售店和電子商務銷售)較2022年下降了7%
可比折扣店銷售額較2022年下降了14%
合併毛利率爲淨銷售額的21.6%,而2022年爲28.4%,大約下降了680個點子
合併營業虧損爲1.62億美金,而2022年爲6750萬美金
合併淨虧損爲2.085億美元,或每稀釋股損失55.89美元,相比之下,2022年的淨利潤爲2.938億美元,或每稀釋股85.1美元,反映了與WHP交易的收益。

我們是如何評估我們業務的表現的
在評估我們業務的表現時,我們考慮了多種績效和財務指標。這些關鍵指標包括淨銷售額、可比銷售額、電子商務需求、交易、營業成本、購買和佔用成本、毛利潤/毛利率以及銷售、一般和行政費用。下表對這些指標進行了描述和討論。

淨銷售額
描述
merchandise銷售產生的營業收入,減去退貨和折扣,以及與電子商務相關的運輸和處理收入,時代廣場LED廣告牌租賃的收入,禮品卡閒置收入以及我們私人標籤信用卡協議產生的收入。
討論
我們的業務具有季節性,歷史上我們在第三和第四季度實現了更高的淨銷售額,主要是由於假期的影響。通常,約45%的年度淨銷售額髮生在春季(第一和第二季度),55%發生在秋季(第三和第四季度)。
可比銷售
描述
可比銷售是衡量在某一時期內產生的銷售額與可比的前一年同期銷售額之間的關係。2023年的可比銷售是通過比較截至2024年2月3日的53週期間與截至2023年2月4日的53週期間來計算的。

可比零售銷售包括:
截至報告期末,已開設12個月或更長時間的零售店的銷售
電子商務發貨銷售

可比折扣店銷售包括:
截至報告期末,已開設12個月或更長時間的折扣店的銷售,包括轉換的銷售

可比銷售額不包括:
由於改造或搬遷活動,店鋪的面積變化超過20%的銷售額
在分階段改造中,部分店鋪正在施工,因此該部分不是有效的銷售空間的銷售額
由於天氣損害或其他災難(包括大流行)而無法開店的店鋪銷售額
討論
我們的業務和可比銷售在某些時候受到日曆變化的影響,這可能發生在接近復活節、感恩節和聖誕節等假期的關鍵銷售期間,以及因銷售稅假期等事件導致的區域波動。我們認爲可比銷售通過剔除新開店鋪和關閉店鋪的影響,爲投資者提供一個有用的衡量標準。管理層認爲可比銷售在評估持續店鋪表現方面是有用的衡量標準。
EXP OldCo Winddown, Inc. | 2023年10-K表格 | 16

目錄
電子商務需求
描述
電子商務需求定義爲通過我們的電子商務平台,包括網站、應用程序以及在線購買後在店內提貨產生的快遞和/或第三方商品的總訂單。
討論
我們認爲電子商務需求是一個對投資者和管理層有用的運營指標,因爲它提供了關於已下單但尚未發貨訂單的可見性。
交易
描述
交易定義爲客戶在銷售點與客戶的互動次數。
討論
我們認爲這個指標很有用,因爲它更好地表示了我們產品的接受度。
營業成本、採購和佔用成本
描述
包括以下內容:
購買商品的直接成本
庫存損耗和其他調整
進出口運輸
支付給創業公司的版權費
商品銷售、設計、規劃和分配,以及製造/生產成本
與店鋪運營相關的佔用成本(如租金、公共區域維護費、水電費和資產折舊)
與我們的電子商務業務相關的物流成本
對長期資產和使用權租賃資產的減值
討論
我們的營業成本通常在成交量較高的季度增加,因爲購買商品的直接成本與銷售量相關。

單個商品成本的主要驅動因素是原材料、商品採購國的勞動力和與運輸商品相關的物流成本。

與商店相關的購買和佔用成本在很大程度上是固定的,並不一定隨着成交量的增加而增加。

按產品類型或渠道銷售的產品混合變化也可能影響我們的整體營業成本、購買和佔用成本。

長期的業務和銷售下降可能導致我們資產的進一步減值。
毛利潤/毛利率
描述
毛利潤是淨銷售額減去營業成本、採購和佔用成本。毛利率將毛利潤作爲淨銷售額的百分比來衡量。
討論
毛利潤/毛利率受到我們能夠以何種價格賣出商品和我們產品成本的影響。

庫存水平之前是持續審核的,以識別滯銷商品,並通常使用降價來清理這些商品。降價的時間和幅度主要受季節性和客戶對我們商品的接受程度的影響,並對我們的毛利率產生直接影響。

任何未售出的降價商品將被標記爲缺貨。我們使用第三方廠商來處理這些缺貨的降價商品。
EXP OldCo Winddown, Inc. | 2023 年度表格 10-k | 17

目錄
銷售、一般和管理費用
描述
包括未包含在營業成本中的運營成本、採購和佔用成本,例如:
與我們公司辦公室的運營相關的薪資和其他費用
除佔用成本外的門店費用
市場營銷費用,包括生產、郵寄、印刷和數字廣告費用,以及其他費用
討論
除了門店薪資、某些市場營銷費用和激勵補償外,銷售、總務和行政費用通常不會與淨銷售額成比例變化。因此,銷售、總務和行政費用佔淨銷售額的比例通常在成交量較低的季度較高,而在成交量較高的季度較低。
EXP OldCo Winddown, Inc. | 2023 年 FORM 10-K | 18

目錄
業務成果
2023財年與2022財年相比
Bonobos的財務結果從2023年5月23日收購關閉之日起被納入我們的財務結果中。
商店活動
以下表格顯示了指定時間段內的商店活動:
20232022
零售折扣店UpWest
Bonobos1
總計零售折扣店UpWest總計
開始的門店34219813— 5533512037561
新開門店60 65 — 10 17 
關閉的門店(17)(7)(4)(1)(29)(16)(5)(4)(25)
結束的門店326 192 12 59 589 342 198 13 553 
期末總建築面積(以千計)4,462 4,552 
1.Bonobos商店於2023年5月23日被收購。
淨銷售額
下表顯示了所述期間的淨銷售額和可比銷售額:
 20232022
快遞$1,702,147 $1,864,182 
Bonobos152,210 — 
淨銷售額(以千爲單位)$1,854,357 $1,864,182 
與去年相比的美元變化$(9,825)
與去年相比的百分比變化(0.5)%
合併可比零售銷售百分比變化(7)%(2)%
合併可比折扣店銷售百分比變化(14)%%
總合並可比銷售百分比變化(9)%— %
2023年的淨銷售額比2022年下降了0.5%,或980萬美元,降至18.544億美元,部分被Bonobos帶來的1.522億美元的銷售收入抵消。第53周爲淨銷售額貢獻了約2180萬美元。Express的銷售下降主要是因爲我們女性和男性業務的可比銷售面臨挑戰。這是由於零售和折扣店的客流量減弱,加上消費支出的減少、非必需品類別的價格敏感性加大,以及2022年開始並在2023財政年度持續的行業內激進促銷活動導致的。我們繼續面臨Express品牌的挑戰,包括客戶檔案和店鋪客流量的下降,主要是由於我們在商品策略上的失誤,導致各類別、價格區間和穿着場合的不平衡。我們的商品架構與客戶需求之間的錯位對我們的銷售產生了重大影響。
EXP OldCo Winddown, Inc. | 2023 FORM 10-K | 19

目錄
毛利潤
下表顯示了營業成本、採購和使用成本、以美元計算的毛利潤以及所述期間的毛利率百分比:
20232022
(以千爲單位,百分比除外)
營業成本、採購成本和佔用成本$1,453,975 $1,335,588 
毛利潤$400,382 $528,594 
毛利率百分比21.6 %28.4 %
與去年相比的美元變化$(128,212)
2023年與2022年相比,毛利率下降了680個點子,毛利潤佔淨銷售額的比例下降,其中商品毛利率下降了620個點子,購買和佔有成本佔淨銷售額的比例上升了60個點子。
商品利潤的下降主要是由於嚴峻的宏觀經濟形勢和極具促銷的零售環境驅動的,同時還受到因電子商務銷售增加而導致的運輸和處理費用靈活性增加,以及與創業公司相關的350個點子的特許權使用費支出影響。
由於可比銷售的下降,購買和佔用得到了削減。此外,購買和佔用還受到與我們重組相關的270万的裁員費用以及因某些長期使用的商店相關資產和使用權資產的減值費用340万的影響。請參考 N附註1 以獲取有關重組成本的進一步討論以及 附註2 以獲取有關2023年我們合併基本報表中減值費用的進一步討論。
銷售、一般和管理費用
下表顯示了所述期間的銷售、一般和管理費用,單位爲美元,以及佔淨銷售額的百分比:
20232022
(以千爲單位,百分比除外)
銷售、一般和行政費用$594,106 $596,671 
銷售、一般和管理費用佔淨銷售額的百分比32.0 %32.0 %
與去年相比的美元變化$(2,565)
2023年的銷售和管理費用(SG&A)下降了0.4%,即260万,降至59410万, 與2022年相比。減少的主要原因是我們的費用節約舉措,包括減少市場營銷支出、門店勞動力成本,以及在2023年第三季度實施的公司辦公室裁員,以及長期激勵薪酬的減少。這部分被Bonobos的整合抵消,以及與收購相關的費用和因重新結構而產生的遣散費。
EXP OldCo Winddown, Inc. | 2023年10-K表格 | 20

目錄
特許權收入
下表顯示了所述期間的特許權收入(以美元計)以及佔淨銷售額的百分比:
20232022
(以千爲單位,百分比除外)
版稅收入$(22,375)$— 
版稅收入佔淨銷售額的百分比(1.2)%— %
與去年相比的美元變化$(22,375)
2023年的特許權收入相比於2022年增加了2240万美元。這一增幅是由於我們與WHP的股權投資所帶來的權益收入。請參見 附註4 我們在本表格10-K中其他地方包含的合併基本報表以進一步討論我們的股權投資。
其他營業收入,淨額
下表顯示了其他營業收入以美元和淨銷售額百分比的形式表示,針對所述期間:
20232022
(以千爲單位,百分比除外)
其他營業收入,淨額$(9,375)$(590)
其他營業收入佔淨銷售額的百分比(0.5)%— %
與去年相比的美元變化$(8,785)
2023年的其他營業收入相比2022年增加了880万美金。這一增幅反映了2024年1月收到的830万美金的和解賠償,與支付卡互換費用反壟斷訴訟的索賠和解有關。
利息支出淨額
下表顯示了所述期間的利息支出,以美元和佔淨銷售額的百分比表示:
20232022
(以千爲單位,百分比除外)
利息支出,淨額$20,058 $29,103 
利息支出佔淨銷售額的百分比1.1 %1.6 %
與去年相比的美元變化$(9,045)
2023年的利息支出減少了31.1%,即900万美元,降至2010万美元,相比2022年。減少的原因是借入的總額增加以及我們未償還債務的變量利率上升,抵消了2022年5.1萬美元的定期貸款再融資費用、450萬美元的提前債務終止費用以及180萬美元的加速定期貸款折扣攤銷。請參閱 註釋 8 在本表格10-K的其他部分中我們合併基本報表中,進一步討論我們在2023年的借款情況。
EXP OldCo Winddown, Inc. | 2023年10-k表格 | 21

目錄
與WHP交易的收益
下表顯示了與WHP交易的收益,以美元和淨銷售額的百分比表示,以便於所述期間:
20232022
(以千爲單位,百分比除外)
與WHP交易的收益$— $(409,493)
與WHP交易的收益,作爲淨銷售額的百分比— %(22.0)%
與去年相比的美元變化$409,493 
與2022年相比,2023年下降的40950万美元是由於向創業公司出售我們大部分知識產權所獲得的2.35億美元、通過權益法投資的1.567億美元,以及2022年WHP支付的普通股溢價所致的1780萬美元。請參見 附註2, 附註4 註釋9 在本表格10-K的其他地方包含的我們的合併基本報表中有進一步討論。
其他費用(收入),淨額
下表顯示了在所述期間內其他費用(收入)的金額和佔淨銷售額的百分比:
20232022
(以千爲單位,百分比除外)
其他收益(費用),淨額$27,200 $(1,384)
其他費用(收入),佔淨銷售額的百分比1.5 %(0.1)%
與去年相比的美元變化$28,584 
2023年其他收入減少2860万美元,主要是由於我們在2023年對權益法投資的減值。請參閱 附註4 本表格10-K中其他地方包含的綜合基本報表,以便進一步討論。
所得稅(收益)費用
以下表格顯示了所述期間收入稅(福利)費用的金額(以美元計)以及淨銷售額的百分比:
 20232022
 (以千爲單位,百分比除外)
所得稅(收益)費用$(693)$20,453 
所得稅(收益)費用佔淨銷售額的百分比— %1.1 %
與去年相比的美元變化$(21,146)
2023年和2022年的有效稅率分別爲0.3%和6.5%。2023年的有效稅率反映了我們對於當年虧損額外計提資產減值準備的影響、我們的退稅調整,以及根據《CARES法案》提出的退款申請的調整。2022年的有效稅率則是受與WHP Global交易相關的稅費推動的。

流動性和資本資源
現金的來源和用途
歷史上,我們的流動性主要來源於運營現金流。由於我們業務的季節性,我們歷史上在財政年度的下半年實現了運營活動中現金流的顯著部分。我們業務的主要現金需求歷史上主要用於商品庫存、工資、零售和折扣店的租金、市場營銷以及與開設新地點相關的資本支出,
EXP OldCo Winddown, Inc. | 2023年10-K報告 | 22

目錄
更新現有位置,以及我們信息科技的發展。我們傳統的策略是尋找和評估有效管理和部署資本的機會,以改善營運資本,並支持和增強我們的業務倡議和策略。
從歷史上看,我們的流動性狀況得益於我們通常能在當天收回客戶銷售的現金,或者在信用卡或借記卡交易的情況下,在相關銷售後的三到五天內收款,並且我們有最長75天的時間來支付某些商品供應商,和45天的時間來支付大多數非商品供應商。我們的租賃協議和債務協議下的承諾同樣需要未來的現金支出。有關租賃協議下所需支付的信息,請見 註釋 6 我們在本10-k表格其他部分包含的綜合基本報表中查看有關我們長期債務的付款信息,請見 註釋 8 我們在本10-k表格其他部分包含的綜合基本報表中顯示。
在2023年,以下重大交易影響了我們的流動性:
在2023年5月23日,我們以現金金額2830万美元完成了對Bonobos的收購。
實現了2023財政年度與2022財政年度相比8000万美元的成本削減。
我們在循環信貸額度(在本10-K表格的其他部分中定義的基本報表)下額外借入了淨額2230萬美元,以滿足正常的運營資金需求。 註釋 8 以滿足正常的運營資金需求。
在2023年9月5日,我們簽署了一項最終貸款協議,以6500万美元的優先貸款來進一步支持流動性獲取。我們在2023年借入了淨額6300萬元的額外資金。
截至2024年4月15日,我們從CARES法案中收到約4900万美元。

根據2023年的銷售額和經營業績,以及迄今爲止計劃和採取的支出削減和其他措施,我們遵守了循環信貸額度和FILO定期貸款下的財務契約(定義見中) 備註 8 截至2024年2月3日,我們的合併財務報表包含在本表格(10-K)的其他地方。截至2024年2月3日,我們的營運資金餘額爲負,這意味着我們的流動負債超過了流動資產(包括現金餘額)。截至2024年2月3日,我們的流動負債包括流動經營租賃負債,相應的經營使用權資產在合併資產負債表中記爲非流動資產。

第11章案件

如之前所披露的,爲了解決我們的財務挑戰,我們和某些子公司自願提交了根據《破產法》第11章啓動程序的請求。在第11章案件進行期間,我們主要的流動性來源是破產法庭批准的DIP融資的收益,因爲提交第11章申請構成了一次違約事件,從而加速了我們根據ABL信貸協議和FILO定期貸款協議的義務。

請參閱 註釋 8 註釋14 本表格10-K中其他部分包含我們的合併基本報表的更多信息。

附帶的合併基本報表是根據適用於持續經營的公認會計原則編制的,該原則考慮了資產的實現和在正常業務過程中滿足負債的情況。然而,管理層已得出結論,債務人需要實施第11章重組計劃,以及與第11章案件結果相關的成本、風險和不確定性,使得公司在財務報表發佈後的12個月內持續經營的能力產生了重大疑慮。公司的附帶合併基本報表不包括因債務人在計劃下的資產清算而可能導致的任何調整,包括銷售交易的收益處置和債務人剩餘資產向合格索賠持有者的處置。
EXP OldCo Winddown, Inc. | 2023表格10-k | 23

目錄
現金流量分析
下表總結了我們在所示期間的經營、投資和融資活動的現金流狀況:
 20232022
 (以千爲單位)
用於經營活動的淨現金$(56,836)$(157,080)
投資活動產生的現金(使用)提供的淨額(54,461)196,012 
融資活動提供的(使用的)淨現金81,861 (14,496)
現金及現金等價物的淨(減少)增加額(29,436)24,436 
現金及現金等價物 | 期初65,612 41,176 
現金及現金等價物 | 期末$36,176 $65,612 
經營活動
我們的業務歷史上依賴於運營產生的現金流作爲主要流動性來源,其中大部分現金流是在年度的第四季度產生的。
2023年經營活動中使用的淨現金爲5680万元,相較於2022年的15710万元,增加了10020万元。這一增長主要是由營運資本的變化推動的。
投資活動
投資活動主要包括與新店和翻新店的施工以及設備相關的資本支出投資,以及信息科技方面的投資。投資活動還包括我們的戰略投資。
2023年用於投資活動的淨現金爲5,450萬美元,而2022年投資活動提供的淨現金爲1.960億美元,減少2.505億美元。2023年,用於投資活動的淨現金主要來自於以2830萬美元收購Bonobos,以及與新建和改建門店建設和固定裝置以及信息技術投資相關的2610萬美元資本支出。2022年,投資活動提供的淨現金主要來自WHP交易的2.434億美元收益,被與新建和改建門店建設和固定裝置以及信息技術投資相關的4,740萬美元資本支出所抵消。2023年資本支出的減少主要是由於我們的業務業績故意削減資本支出,以及重新部署資本以資助Bonobos交易和支持我們的成本削減計劃。請參閱 備註 5 以進一步討論此次收購和 備註 4 有關WHP交易的更多詳細信息,請參見本10-k表格其他部分的合併財務報表。
融資活動
融資活動主要包括與我們的債務安排和其他股權相關交易的借款和還款。
2023年融資活動提供的淨現金爲8190万美元,而2022年融資活動使用的淨現金爲1450万美元,增加了9640万美元。這一增幅主要是由於我們在債務安排下的借款所驅動。
債務安排
公司的第11章案件的申請構成了違約事件,這加速了我們在ABL信用協議和FILO定期貸款協議下的義務。根據《破產法》第362條的規定,第11章案件的申請自動暫停對相關債務人的大多數訴訟,包括在申請日期之前產生的債務,包括利息支付,或對相關債務人財產的控制。我們在申請前的債務和申請後的債務將在下面詳細描述。
EXP OldCo Winddown, Inc. | 2023年10-K表格 | 24

目錄
申請前債務(歷史)

循環信貸額度
在2023年,我們在循環信貸額度下借入了淨額額外的2230萬美元,用於資金的正常運營資金需求以及店鋪、電子商務平台和其他信息科技投資的資本支出。截止到2024年2月3日,公司在循環信貸額度下的未償還借款約爲1.444億美元,約3110萬美元可在某些借款基礎限制下進行額外借款,並且在考慮到總額爲2010萬美元的未償信用證後,主要與第三方物流合同相關。參考 註釋 8 我們合併基本報表的其他部分,以獲取有關循環信用額度的更多信息。
後進先出定期貸款
在2023年,我們在FILO定期貸款下借入了6300萬美元的淨新增金額。截至2024年2月3日,FILO定期貸款的淨未償還本金總額爲6030萬美元,其中470萬美元被分類爲開空債務,5560萬美元被分類爲開多債務,未攤銷成本已扣除。請參閱 註釋 8 我們在此10-K表格其他部分中包含的基本報表中有關定期貸款的附加信息。
投資協議
2022年12月8日,我們簽署了一項投資協議,涉及向WHP私下增發和出售面值$0.01的普通股。2023年1月25日,我們完成了投資協議和會員權益購買協議所設想的交易。根據投資協議,我們向WHP發行並出售了540萬股普通股,購買價格爲每股$4.60,總購買價格爲$2500萬。超過公允價值1780万元的部分在綜合損益表中以與WHP的交易收益記錄。我們使用所得款項償還未償還的定期貸款,資助創業公司的第一年保證最低特許權使用費$6000萬,依據許可協議並支付與投資協議和其他相關交易相關的費用和開支。有關更多信息,請參見 附註4註釋9 我們在本10-k表格其他部分包含的綜合基本報表中顯示。

發帖後債務(第11章案件)

債務人在佔有融資

爲了管理第11章案件,正常運營債務人的業務並促進交易的營銷和完成(如下文所定義),公司獲得了2.14億美元的申請後債務人持有融資,其中包括(a)2500万美元的新資金單筆提取定期貸款(「第二擔保新資金DIP定期貸款」)和(b)對(i)2023年9月5日簽署的基於資產的定期貸款協議下某些擔保的申請前義務進行回滾,金額爲6300万美元(「第二擔保DIP定期回滾貸款」),以及(ii)2015年5月20日簽署的基於資產的貸款信用協議下某些擔保的申請前義務進行回滾,金額爲12600万美元(「第一擔保DIP ABL回滾貸款」)。

每項DIP融資都根據債務人和相關貸方於2024年4月24日簽署的各自DIP信貸協議中規定的條款和條件提供給公司,包括先決條件、陳述和保證、各種積極和消極契約,以及此類融資的慣例違約事件。所有或部分提議的DIP融資的收益可能被債務人用於,包括但不限於,對公司之前債務的再融資、債務人發帖後的營運資金、支付管理第11章案件的費用、支付第11章案件所設想交易的費用和費用、支付根據DIP信貸協議批准的充分保護義務的款項,以及支付其他費用,每項費用均需遵循各自DIP信貸協議以及最終DIP命令或破產法庭的任何其他命令的條款。DIP ABL融資已全額用於償還第二修正和重新制定的義務。
EXP OldCo Winddown, Inc. | 2023年10-K表格 | 25

目錄
資產擔保貸款信用協議,日期爲2015年5月20日(經修訂後稱爲「ABL信用協議」),包括截至還款日期的利息和費用,按美元等額無現金方式計算。

首筆優先貸款(DIP ABL貸款)是公司及某些債務人的高級債務,受到ABL信貸協議項下擔保品的第一優先權利擔保,以及債務人的任何無擔保資產的擔保。第二筆優先新資金定期貸款和第二筆優先DIP定期融合集資貸款(統稱爲「DIP定期貸款設施」)是公司及某些債務人的高級債務,受到ABL信貸協議項下擔保品的第二優先權利擔保,以及債務人任何無擔保資產的擔保。

破產法庭於2024年6月6日批准最終DIP融資的命令(「最終DIP命令」)所授予的救濟還包括向債務人的申請前擔保債權人和代理人提供某些充分保護,旨在保護他們在擔保債務人申請前索償的抵押品中的利益,以免價值減少。請參閱 註釋 8 我們在本10-K表格中包含的合併基本報表的相關部分,以獲取有關DIP融資的更多信息。
EXP OldCo Winddown, Inc. | 2023 表格 10-k | 26

目錄
關鍵會計估計
根據公認會計原則編制基本報表需要管理層做出影響我們資產、負債、收入和費用報告金額的估計和假設,以及在基本報表日期相關的或有資產和負債的披露。管理層不斷評估其會計政策、估計和判斷。管理層基於歷史經驗和在特定情況下被認爲合理的各種其他因素進行估計和判斷。實際結果可能在不同的假設和條件下與這些估計有所不同。
管理層評估了其關鍵會計政策和估計的制定與選擇,並認爲以下政策涉及較高程度的判斷或複雜性,對報告我們經營成果和財務狀況最爲重要,因此被視爲關鍵。以下關鍵會計政策反映了在編制我們的合併基本報表時使用的重要估計和判斷。有關我們所有重要會計政策的更多信息可以在 附註2 本表格10-k的其他部分中找到我們的合併基本報表。
門店資產減值
政策描述
門店相關的物業和設備,包括使用權資產,在事件或情況變化表明這些資產的賬面價值可能無法收回時進行可回收性測試。這些情況包括但不限於項目收入的大幅不利變化,現金流損失的歷史和未來預測表明持續的重大損失相結合,以及重大不利經濟條件、資產市場價值的顯著下降以及門店關閉或搬遷的決定。我們在個別門店級別審查減值因子,這是可識別現金流的最低級別。

顯示出減值因子的門店將接受減值評估。我們的減值評估要求管理層做出假設和判斷,涉及但不限於管理層對未來運營和預測現金流的期望。

我們未折現未來門店現金流模型中使用的關鍵假設是銷售增長率。

當這些未折現的未來現金流小於資產組的賬面價值時,可能會確認減值損失。在減值情況下,任何損失將被測量爲資產組賬面價值超過其公允價值的部分。我們門店相關資產的公允價值是在單個門店級別根據資產組的最佳使用價值來確定的。

我們公允價值分析中使用的關鍵假設可能包括來自運營門店的未來現金流的折現估計和/或可比市場租金。
判斷和不確定性
我們的減值分析需要判斷適當觸發事件的識別以及在我們的公允價值模型中使用的假設。
如果實際結果與假設不同的影響
我們沒有理由相信我們在此評估中使用的未來估計或假設會發生重大變化。然而,如果我們了解到更多的觸發事件,可能需要測試的額外店鋪可能會被要求進行減值並可能被減值。這些事件可能包括店鋪經營結果進一步惡化、增加的店鋪人工成本、我們無法實施的成本節約措施或購物中心的人流減少。此外,如果市場租賃公允價值惡化,我們的公允價值測試可能會判斷額外的使用權資產減值。在2024年2月3日,店鋪相關資產減少1%大約爲530万。
EXP OldCo Winddown, Inc. | 2023 年 FORM 10-K | 27

目錄
庫存 - 成本或淨可變現價值中較低者
政策描述
庫存主要以成本或淨可變現價值中較低者的加權平均成本基礎進行計價。如果手頭特定庫存商品的成本超過我們預計從最終銷售或處置庫存中實現的金額,我們會記錄成本或淨可變現價值調整。
判斷和不確定性
我們用於確定成本或淨可變現價值調整的會計方法包含不確定性,因爲這要求管理層做出基於商品季節性、歷史趨勢和預計庫存水平(包括剩餘單位的賣出)的假設和估計。
如果實際結果與假設不符的影響
我們相信未來用於衡量成本或淨可變現價值調整的估計或假設不會有重大變化。然而,如果實際結果與我們的估計或假設不一致,我們可能會面臨可能重大的損失或收益。到2024年2月3日結束的年度內,成本或淨可變現價值調整的100個點子的增加或減少對庫存餘額或稅前收入不會產生重大影響。
遞延稅資產的估值準備
政策描述
遞延稅資產和負債是根據我們資產和負債的稅基與財務報告基礎之間當前存在的暫時性差異的預估未來稅務後果確認的。當實現這些遞延稅資產的可能性不大時,將對遞延稅資產建立估值準備金。
判斷和不確定性
我們的遞延稅資產和負債餘額含有不確定性,因爲稅法、稅率或未來應稅收入的變化可能與管理層所做的估計和判斷不同。評估遞延稅資產是否可實現需要重大判斷。我們考慮所有可用的正面和負面證據,包括過去的經營結果和未來經營收入的預期。遞延稅資產的最終實現往往依賴於未來的盈利能力,而這一點本質上是不確定的。雖然我們對淨遞延稅資產持有全額估值準備金,但未來假設的變化可能會影響我們的估計。
實際結果與假設不符的影響
我們沒有理由相信我們用於計算遞延稅款的未來估計或假設會有重大變化。然而,如果將來稅率發生變化,或者實際結果與我們的估計不一致,我們可能需要調整遞延稅餘額的賬面價值。估值準備的增加或減少將在發生增加或減少的期間導致我們有效稅率的相應增加或減少。
最近發佈的會計公告
最近發佈的會計公告及其對本公司的合併基本報表的預計影響如下: 註釋1 我們在本10-k表格其他部分包含的綜合基本報表中顯示。

第7A項。市場風險的定量和定性披露。
作爲《交易所法》120亿.2條款定義的「小型報告公司」,我們不需要提供本條款所要求的信息。
EXP OldCo Winddown, Inc. | 2023年FORM 10-K | 28

目錄
項目8. 基本報表和補充數據。
EXP OldCo Winddown, Inc. | 2023年FORM 10-K | 29

目錄

獨立註冊公共會計師事務所的報告
致EXP OldCo Winddown, Inc.的董事會和股東。

關於基本報表和財務報告內部控制的意見

我們已經審計了Express, Inc.及其子公司的合併基本報表(以下稱爲"公司"),這些報表包括截至2024年2月3日和2023年1月28日的合併資產負債表,以及相關的合併損益及綜合收益表、股東權益變動表和現金流量表,涵蓋截至當年結束的年份,包括相關附註(統稱爲"合併基本報表")。我們還根據"內部控制 - 綜合框架"的標準對截至2024年2月3日的公司財務報告內部控制進行了審計,標準由Treadway委員會的贊助組織委員會(COSO)制定。 內部控制 - 綜合框架 (2013) 由Treadway委員會的贊助組織委員會(COSO)發佈。

我們認爲,上述合併基本報表在所有重要方面公正地呈現了截至2024年2月3日和2023年1月28日公司的財務狀況,以及截至當年結束的運營結果和現金流,符合美國普遍接受的會計原則。同時,我們認爲,公司在截至2024年2月3日的財務報告方面維持了在所有重要方面有效的內部控制,基於在內設立的標準。 內部控制 - 綜合框架 (2013) 由COSO發佈。

對公司持續經營能力的重大疑慮

附帶的合併基本報表是基於公司將繼續作爲一個持續經營實體的假設編制的。如合併基本報表的註釋1所述, 公司在ABL信用協議和FILO定期貸款協議下已違約,並且如註釋14所述,Express, Inc.及其某些直接和間接子公司在美國破產法院自願提交申請,以根據美國法典第11篇第11章開始破產程序,這對其作爲持續經營實體的能力產生了重大疑慮。管理層對此事的計劃也在註釋1和14中進行了說明。合併基本報表未包含可能因該不確定性結果而導致的任何調整。

意見基礎

公司的管理層對這些合併基本報表負責,負責保持有效的財務報告內部控制,並評估財務報告內部控制的有效性,內容包括在9A項下的管理層內部控制報告中。我們的責任是基於我們的審計,對公司的合併基本報表和公司的財務報告內部控制表達意見。我們是一家註冊於美國公衆公司會計監督委員會(PCAOB)的公共會計師事務所,按照美國聯邦證券法及證券交易委員會和PCAOB的相關規則和規定,必須對公司保持獨立。

我們按照PCAOb的標準進行了審計。這些標準要求我們計劃和執行審計,以獲得合理的 assurance,以確定合併基本報表是否不存在重大錯報,無論是由於錯誤還是欺詐,以及是否在所有重要方面維持了有效的財務報告內部控制。

我們對合並基本報表的審計包括執行程序以評估合併基本報表的重大錯報風險,無論是由於錯誤還是欺詐,並執行響應這些風險的程序。這些程序包括在抽樣基礎上檢查關於合併基本報表中金額和披露的證據。我們的審計還包括評估管理層使用的會計原則和重大估計,以及評估合併基本報表的總體呈現。我們對財務報告內部控制的審計包括獲取對財務報告內部控制的理解,評估存在重大缺陷的風險,並根據評估的風險測試和評估內部控制的設計和運行有效性。我們的審計還包括執行在這種情況下我們認爲必要的其他程序。我們相信我們的審計爲我們的意見提供了合理的基礎。

正如管理層關於財務報告內部控制的報告中所述,管理層已將Bonobos從其截至2024年2月3日的財務報告內部控制評估中排除,因爲該公司在截至2024年2月3日前的一年內通過購買業務組合的方式收購了Bonobos。我們已
EXP OldCo Winddown, Inc. | 2023 年度10-K表格 | 30

目錄
我們還將Bonobos排除在我們對財務報告內部控制的審計之外。Bonobos是一家全資子公司,其總資產和總銷售額在管理層的評估以及我們的財務報告內部控制審計中被排除,分別佔截至2024年2月3日的相關合並財務報表金額的7%和8%。

後續事件

如在合併基本報表附註14中所述,2024年4月22日,Express, Inc.及其部分直接和間接子公司向美國破產法院提交了自願申請,以根據美國法典第11篇第11章開始程序,並且在2024年12月17日,破產法院確認了該計劃,公司預計將在2024年12月31日或之前生效。

內部控制對財務報告的定義和限制

公司的財務報告內部控制是一個過程,旨在提供合理保證,確保財務報告的可靠性和根據通常公認的會計原則爲外部目的準備財務報表。公司的財務報告內部控制包括那些(i)與維護記錄相關的政策和程序,這些記錄能夠詳細、準確、公正地反映公司的資產交易和處置;(ii)提供合理保證,確保交易被必要記錄,以便根據通常公認的會計原則準備財務報表,並且公司的收入和支出僅根據管理層和董事會的授權進行;(iii)提供合理保證,以防止或及時發現未經授權取得、使用或處置公司資產的情況,這可能對財務報表產生重大影響。

由於固有的侷限性,財務報告內部控制可能無法防止或發現錯報。此外,任何有效性評估的未來期間的預測,面臨着控制可能因條件變化而不足,或者對政策或程序的遵循程度可能惡化的風險。

關鍵審計事項

以下所傳達的關鍵審計事項是來自本期對合並基本報表審計的事項,該事項已傳達或要求傳達給審計委員會,並且 (i) 與對合並基本報表重要的帳戶或披露相關,(ii) 涉及我們特別具有挑戰性的主觀或複雜判斷。關鍵審計事項的傳達並未以任何方式改變我們對整體合併基本報表的意見,通過傳達以下關鍵審計事項,我們並沒有就該關鍵審計事項或與之相關的帳戶或披露提供單獨的意見。

商店資產減值評估

如合併基本報表的附註2和附註3所述,截至2024年2月3日,公司擁有長期資產,包括合併的物業和設備,淨額10600万,以及合併的使用權資產,淨額52900万,其中大部分餘額與門店級別的長期資產相關。截止2024年2月3日,公司確認了與門店級別的物業和設備及使用權資產相關的300万減值費用。管理層披露,門店相關的物業和設備及使用權資產在事件或情況變化時會進行可回收性測試,表明這些資產的賬面價值可能無法收回。管理層會在個別門店層面審核減值因子,這是可辨認現金流的最低水平。顯示出減值因子的門店將接受減值評估。減值評估要求管理層做出假設和判斷,涉及但不限於管理層對未來運營和預計現金流的期望。在未折現的未來門店現金流模型中使用的關鍵假設是銷售增長率。當這些未折現的未來現金流低於資產組的賬面價值時,可能會確認減值損失。在減值的情況下,任何損失將以資產組賬面價值超過其公允價值的差額來計量。門店相關資產的公允價值是根據資產組的最佳使用在單個門店層面確定的。公允價值分析中使用的關鍵假設可能包括從經營門店或可比市場租金產生的未來門店現金流的折現估計。

我們認爲,進行與商店資產減值評估相關的程序是一個關鍵審計事項的主要考慮因素是審計人員在執行程序時的主觀性和付出的高程度的努力。
EXP OldCo Winddown, Inc. | 2023年FORM 10-K | 31

目錄
在制定未貼現未來現金流時,評估管理層與銷售增長率相關的重要假設,並在估算公允價值時評估可比市場租金。此外,審計工作還涉及使用具備專業技能和知識的專業人員。

解決此問題涉及執行程序和評估審計證據,以形成我們對合並基本報表的總體意見。這些程序包括測試與商店資產減值評估相關的控制有效性,包括在開發資產預計產生的未折現未來現金流時使用的假設控制,以測試可回收性,以及在估計資產組的公允價值以衡量減值時。這些程序還包括,其他事項中(i)測試管理層開發資產預計產生的未折現未來現金流的過程及估計資產組的公允價值;(ii)評估管理層使用的模型的適當性;(iii)測試模型中使用的基礎數據的完整性、準確性和相關性;(iv)評估在開發未折現未來現金流時,與銷售增長率相關的重大假設的合理性,以及在估計公允價值時的可比市場租金。評估管理層與銷售增長率和可比市場租金相關的假設時,涉及評估管理層使用的假設是否合理,考慮到資產組的當前和過去表現,與審計其他領域獲得的證據在銷售增長率方面的一致性,以及與外部市場數據在銷售增長率和可比市場租金方面的一致性。專業人員的專業技能和知識被用於協助評估可比市場租金重大假設的合理性。

/s/ 普華永道會計師事務所
哥倫布,俄亥俄州
2024年12月30日

自2008年以來,我們一直擔任公司的核數師。

EXP OldCo Winddown, Inc. | 2023年10-k表格 | 32

目錄

優先表達公司
合併資產負債表
(金額單位爲千,除每股金額外)
 2024年2月3日2023年1月28日
資產
流動資產:
現金及現金等價物$36,176 $65,612 
應收賬款,淨額31,648 12,374 
應收所得稅1,939 1,462 
存貨369,897 365,649 
預付版稅 59,565 
預付租金7,947 7,744 
其他17,297 21,998 
總流動資產464,904 534,404 
使用權資產,淨額528,716 505,350 
房產和設備987,615 1,019,577 
減:累計折舊(881,700)(886,193)
物業和設備,淨值105,915 133,384 
非流動所得稅應收款45,482 52,278 
權益法投資139,010 166,106 
其他資產5,713 6,803 
總資產$1,289,740 $1,398,325 
負債和股東權益
流動負債:
短期租賃負債$177,525 $189,006 
應付賬款216,490 191,386 
遞延特許權使用費收入 19,852 
透過收入46,645 35,543 
短期債務4,659  
應計費用118,768 105,803 
總流動負債564,087 541,590 
長期租賃負債420,175 406,448 
長期債務199,970 122,000 
其他長期負債11,741 20,718 
總負債1,195,973 1,090,756 
承諾和或有事項(附註 13)
股東權益:
優先股 - $0.01 面值; 10,000 授權股份; 2024財年沒有記錄減值損失。 已發行或流通的股份
  
普通股 – $0.01 面值; 25,000 授權股份; 4,953 股份和 4,953 截至2024年2月3日及2023年1月28日發行的股份,分別爲 3,747 股份和 3,688 截至2024年2月3日及2023年1月28日流通在外的股份,分別爲
50 50 
額外支付的資本223,397 229,573 
留存收益130,752 355,736 
庫藏股 - 按平均成本; 1,206 股份和 1,265 截至2024年2月3日和2023年1月28日的股份數,分別爲
(260,432)(277,790)
總股東權益93,767 307,569 
總負債和股東權益$1,289,740 $1,398,325 
請參見 備註 合併基本報表。
EXP OldCo Winddown, Inc. | 2023年FORM 10-K | 33

目錄
優先表達公司
合併收入和綜合收入表
(金額單位爲千,除每股金額外)
 20232022
淨銷售額$1,854,357 $1,864,182 
營業成本、採購和佔用成本1,453,975 1,335,588 
毛利潤400,382 528,594 
營業費用(收入):
銷售、一般和行政費用594,106 596,671 
版稅收入(22,375) 
其他營業收入,淨額(9,375)(590)
總營業費用562,356 596,081 
營業虧損(161,974)(67,487)
利息支出淨額20,058 29,103 
與WHP交易的收益 (409,493)
其他費用(收入),淨額27,200 (1,384)
(損失) 稅前收入(209,232)314,287 
所得稅(收益)費用(693)20,453 
淨(損失)收益$(208,539)$293,834 
綜合 (損失) 收入$(208,539)$293,834 
每股收益:
基本$(55.89)$86.37 
稀釋$(55.89)$85.10 
加權平均流通股份:
基本3,731 3,402 
稀釋3,731 3,453 
請參見 備註 合併基本報表。
EXP OldCo Winddown, Inc. | 2023 FORM 10-K | 34

目錄
優先表達公司
股東權益變動綜合報表
(金額以千爲單位)

 
普通股庫存股
 流通股數面值其他
實收資本
資本
留存
收益
累積其他綜合損失Shares按平均成本總計
餘額,2022年1月29日3,354 $47 $220,967 $77,093 $ 1,327 $(296,799)$1,308 
淨利潤— — — 293,834 — — — 293,834 
普通股發行272 3 6,896 — — — — 6,899 
行使期權和限制性股票單位的歸屬94 — (5,830)(15,191)— (94)21,021  
基於股份的報酬— — 7,540 — — — — 7,540 
普通股回購(32)— — — — 32 (2,012)(2,012)
餘額,2023年1月28日3,688 $50 $229,573 $355,736 $ 1,265 $(277,790)$307,569 
淨虧損— — — (208,539)— — — (208,539)
行使期權和限制性股票單位的歸屬81 — (1,284)(16,445)— (81)17,729  
基於股份的報酬— — (4,892)— — — — (4,892)
普通股回購(22)— — — — 22 (371)(371)
餘額,2024年2月3日3,747 $50 $223,397 $130,752 $ 1,206 $(260,432)$93,767 
請參見 備註 合併基本報表。

EXP OldCo Winddown, Inc. | 2023年FORM 10-K | 35

目錄
優先表達公司
現金流量合併報表
(金額以千爲單位)
 20232022
經營活動
淨(虧損) 利潤$(208,539)$293,834 
調整淨(損失)收益與用於運營活動的淨現金之間的關係:
折舊和攤銷53,262 62,169 
與WHP交易的收益 (409,493)
債務註銷損失 4,500 
處置物業和設備損失42 57 
財產、設備和租賃資產的減值3,428 2,150 
權益法投資減值27,200  
基於股份的報酬(4,892)7,540 
遞延稅款(2,733)10,868 
房東津貼攤銷(307)(387)
經營資產與負債的變動:
應收賬款,淨額(17,203)(630)
應收所得稅6,319 (75)
預付版稅59,565 (59,565)
存貨47,045 (6,854)
遞延特許權使用費收入(19,852)19,852 
應付賬款、遞延收入和應計費用17,611 (46,367)
其他資產和負債(17,782)(34,679)
用於經營活動的淨現金流出(56,836)(157,080)
投資活動
資本支出(26,057)(47,375)
收購,淨額現金(28,300) 
WHP交易所得 243,387 
與WHP交易相關的成本(104) 
投資活動所用現金(減少)或所提供(54,461)196,012 
融資活動
循環信用額度下借款所得315,250 350,470 
循環信用額度下借款償還(292,906)(263,470)
定期貸款額度下借款所得65,000  
定期貸款額度下借款償還(1,927)(96,737)
與債務安排相關的費用(3,185)(9,646)
發行普通股所得款項 6,899 
回購普通股以滿足稅收預扣義務(371)(2,012)
融資活動產生的現金淨額(使用)81,861 (14,496)
現金及現金等價物淨(減少)增加(29,436)24,436 
期初現金及現金等價物65,612 41,176 
期末現金及現金等價物$36,176 $65,612 
現金流信息的補充披露:
支付的利息$15,243 $25,121 
支付給稅務機關的現金$1,881 $1,374 
請參見 備註 合併基本報表。
EXP OldCo Winddown, Inc. | 2023年10-K表格 | 36

目錄
優先表達公司
合併基本報表說明

EXP OldCo Winddown, Inc. | 2023年10-K表格 | 37

目錄
註釋 1 | 業務描述和呈現基礎
業務描述
在完成持續經營的銷售交易(如下所述)之前,Express, Inc.(自2024年9月18日起更名爲EXP OldCo Winddown, Inc.,及其子公司統稱爲「Express」或「公司」)之前作爲一家多品牌時尚零售商運作,擁有一個包括實體店和在線商店在內的全渠道平台。 公司的 兩個 品牌基礎的運營部門包括Express,其中包括UpWest和Bonobos。

品牌描述
快遞
秉持着風格、質量和價值應該集中於一個地方的信念,快遞是一個有目的的品牌 - 我們創造自信。我們激勵自我表達。- 由一個造型社區推動。
UpWest
UpWest是一個提供服裝、配飾和家居用品的品牌,致力於爲人類和地球帶來舒適。
Bonobos
Bonobos 是一個以卓越的合身度和創新的零售模式而聞名的男裝品牌。
截至2024年2月3日,公司經營着 589 在美國和波多黎各的零售和工廠直銷店,express.com在線商店,Express移動應用,bonobos.com在線商店以及upwest.com在線商店。 截至2024年2月3日,Express運營的商店組成如下:
門店數量
快遞
零售店326 
專賣店192 
總零售及專賣店數量518 
UpWest12 
Bonobos59 
總店鋪589 
第11章案件

在2024年4月22日(「申請日期」),公司及其某些直接和間接子公司(當時稱爲Express Topco LLC; Express Holding, LLC; Express Finance Corp.; Express LLC; Express Fashion Investments, LLC; Express Fashion Logistics, LLC; Express Fashion Operations, LLC.; Express GC, LCC; Express BNBS Fashion, LLC; UW, LLC; 以及Express Fashion Digital Services Costa Rica, S.R.L.,統稱爲「債務人」)向美國特拉華州破產法院(「破產法院」)提交了自願申請,以根據標題11的第11章(「第11章案件」)啓動程序(「破產法」)。在2024年12月17日,破產法院確認了一個聯合重組計劃(「計劃」)。第11章案件以「關於:Express, Inc.等」的標題進行聯合管理(案件編號24-10831)。

通過第11章程序,債務人尋求實施持續經營銷售交易。2024年4月21日,公司收到由WHP Global及公司兩大主要房東西蒙地產集團及布魯克菲爾德物業的附屬公司組成的財團發出的非約束性意向書,潛在購買公司資產的主要部分,並假設至少的租約, 280 店鋪以總現金對價金額爲$10.0百萬加上 100%的淨有序清算價值,從所購商品中獲得,此外還包括承擔適用的負債。2024年5月22日,債務人與鳳凰合資公司簽署了一份資產購買協議(「購買協議」)。購買協議規定的總購買價格約爲$172.0百萬,包含大約$134.0百萬的現金對價和$38.0百萬的假定負債。2024年6月14日,破產法院簽發命令批准購買協議及其所設想的銷售交易(「銷售交易」)。銷售交易於2024年6月21日成功完成。根據銷售交易, 403 Express商店的租約, 50 Bonobos店鋪的租賃合同和位於俄亥俄州哥倫布的公司的總部租賃合同已被鳳凰合資公司接管。

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目錄
此外,通過第11章的程序,債務人通知並完成了拒絕 118 未到期的租賃,符合破產法院批准的程序。

2024年7月10日,除了政府單位以外的個人或實體在第11章案件中提交索賠證明的能力已到期。

2024年8月7日,破產法院發佈命令,將債務人提交第11章計劃的獨佔期延長至2024年11月19日,並將其接受申請的 solicitação 期限延長至2025年1月20日。

2024年12月17日,破產法庭確認了計劃。根據該計劃,出售交易的收益和債務人剩餘的資產將按優先順序分配給合格的索賠持有人,隨後每個債務人的財產將被清算。公司預計該計劃將在2024年12月31日左右生效。截至本10-K表格的日期,公司和其他債務人不再有任何運營,除了與計劃中提供的清算程序相關的運營。

請參閱 注意 14 有關第11章案例的進一步討論。
Bonobos收購
2023年5月23日,公司完成了對Bonobos的運營資產的收購。Bonobos是一個以卓越的合身度和創新的零售模式而聞名的男裝品牌。請參見 附註5 以獲取有關收購的進一步討論。
WHP戰略合作伙伴關係
在2022年第四季度,Express與領先的全球品牌管理公司WHP Global(「WHP」)完成了戰略合作交易。與2023年1月此交易的完成相關,公司與WHP還成立了一家知識產權創業公司(「創業公司」),旨在通過新的國內類別許可和國際擴展機會來擴大Express品牌。請參閱 附註4 以獲取關於WHP合作伙伴關係的進一步討論。

反向股票拆分與每股金額的重算
在2023年8月14日,本公司的董事會(「董事會」)批准實施1對20的反向股票拆分,涉及本公司普通股,面值爲$0.01 每股(「普通股」),並相應比例減少普通股的授權股份數量。反向股票拆分於2023年8月30日市場收盤後生效(「生效日期」),普通股自2023年8月31日市場開盤起開始以拆分調整後的基礎交易。

所有板塊普通股、股票期權獎勵和合並基本報表及附註中包含的每股金額均已追溯調整,以反映1比20的反向拆股。請參閱 註釋9 以獲得有關反向拆股的進一步討論。
重組成本
在2023年7月14日和2023年8月17日,公司宣佈並實施了各階段的裁員。4.7在2023年,公司在重組工作隊伍方面確認了$ 百萬的重組及相關組織費用,2.7$ 百萬被記錄在營業成本、採購和佔用成本中,2.0$ 百萬記錄在綜合收益表的銷售、一般和行政費用中。這些費用主要與員工遣散和福利成本相關。

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目錄
財政年度
公司的財年在最接近1月31日的星期六結束。財年按財年開始的日曆年來稱呼。 所有板塊在此提到的公司的財年如下:
財政年度截至年份週數
20232024年2月3日53
20222023年1月28日52
Basis of Presentation
Express, Inc., a holding company, owns all of the outstanding equity interests in Express Topco LLC, a holding company, which owns all of the outstanding equity interests in Express Holding, LLC ("Express Holding"). Express Holding owns all of the outstanding equity interests in Express, LLC. Express, Inc., through its indirect, wholly owned subsidiaries, including Express Fashion Operations, LLC, conducts the operations of the Company and Express Fashion Investments, LLC which owns a 40% economic interest with significant influence in the Joint Venture.
The accompanying Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and do not include any adjustments that might be necessary should we be unable to continue as a going concern. Moreover, the implementation of the Plan could materially change the amounts of assets and liabilities reported in the Company's accompanying Consolidated Financial Statements as the amounts included therein do not include any adjustments that might result therefrom.

Principles of Consolidation
The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. As of February 3, 2024, the Company indirectly held a 40% equity method interest in the Joint Venture, which is majority owned by WH Borrower, LLC, an affiliate of WHP. All intercompany transactions and balances have been eliminated in consolidation. The financial results of Bonobos have been included in the Consolidated Financial Statements from the date of the completion of the acquisition on May 23, 2023.
Segment Reporting
The Company defines an operating segment on the same basis that it uses to evaluate performance internally. The Company determined that its Chief Executive Officer is the Chief Operating Decision Maker (the "CODM"), and that there were two brand-based operating segments: Express, which includes UpWest, and Bonobos. These operating segments had similar economic characteristics, classes of consumers, products, and production and distribution methods, operate in the same regulatory environments, and have been aggregated into one reportable segment.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenue and expense during the reporting period, as well as the related disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements. Actual results may differ from those estimates. The Company revises its estimates and assumptions as new information becomes available.
Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single
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reportable segment. The ASU would have been effective for the Company’s Form 10-K for the fiscal year ended February 1, 2025, and subsequent interim periods, with early adoption permitted. The Company has not adopted this ASU and has not reflected its impact on its Consolidated Financial Statements and disclosures.
In December 2023, the FASB issued a final standard on ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. For public business entities, the requirement will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Company has not adopted this ASU and has not reflected its impact on its Consolidated Financial Statements and disclosures.
Going Concern and Management’s Plans
Given the Debtors’ need to implement a chapter 11 restructuring plan, as well as the inherent risks, unknown results and inherent uncertainties surrounding the outcome of the Chapter 11 Cases and the Company’s ability to satisfy its financial obligations that may arise, management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern for 12 months following the issuance of the financial statements. Following the implementation of the Plan, which is anticipated to go effective on or about December 31, 2024, the Company and other Debtors will have no operations, other than those relating to the wind-down process provided in the Plan. Refer to Note 14 for further discussion regarding the Chapter 11 Cases.

NOTE 2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and Cash Equivalents
Cash and cash equivalents include investments in money market funds, payments due from banks for third-party credit and debit card transactions for up to five days of sales, cash on hand, and deposits with financial institutions. As of February 3, 2024 and January 28, 2023, amounts due from banks for credit and debit card transactions totaled approximately $9.4 million and $10.1 million, respectively.
Outstanding checks not yet presented for payment amounted to $12.5 million and $31.2 million as of February 3, 2024 and January 28, 2023, respectively, and are included in accounts payable on the Consolidated Balance Sheets.
Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date.
Level 1 - Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.
Level 2 - Valuation is based upon quoted prices for similar assets and liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Level 3 - Valuation is based upon other unobservable inputs that are significant to the fair value measurement.
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Financial Assets
The following table presents the Company's financial assets, recorded in cash and cash equivalents on the Consolidated Balance Sheets, measured at fair value on a recurring basis as of February 3, 2024 and January 28, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall.
February 3, 2024
Level 1Level 2Level 3
(in thousands)
Money market funds$ $ $ 
January 28, 2023
Level 1Level 2Level 3
(in thousands)
Money market funds$47,792 $ $ 
The money market funds are valued using quoted market prices in active markets.
Non-Financial Assets
The Company's non-financial assets, which include fixtures, equipment, improvements, right of use assets, and an equity method investment, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur indicating the carrying value of these assets may not be recoverable, or annually in the case of indefinite-lived intangibles, an impairment test is required to be performed by the Company.
The carrying amounts reflected on the Consolidated Balance Sheets for the remaining cash, cash equivalents, receivables, prepaid expenses, and payables as of February 3, 2024 and January 28, 2023 approximated their fair values. The equity method investment is reflected at cost and is the result of a market participant transaction with WHP whereby the Company received proceeds of $260.0 million and a 40% ownership interest in the Joint Venture in exchange for contributing certain intellectual property to the Joint Venture.
The Company reviews its equity method investment by comparing its fair value to its carrying value. If the carrying value of the investment exceeds its fair value and the loss in value is other than temporary, the investment is considered impaired and reduced to fair value, and the impairment is recognized in the period identified. Factors providing evidence of such a loss include changes in the investee's operations or financial condition, significant continuing losses, significant negative economic conditions or a significant decrease in the market value. Impairment charges are recorded in other expense (income), net in the Consolidated Statements of Income and Comprehensive Income. During 2023, the Company recognized an impairment charge of $27.2 million related to its equity method investment. Refer to Note 4 for further discussion regarding the equity method investment impairment.
Receivables, Net
Receivables, net consist primarily of construction allowances, receivables from the Bank related to the Card Agreement, our franchisees, and third-party resellers of our gift cards, and other miscellaneous receivables. Outstanding receivables are continuously reviewed for collectability. The Company's allowance for estimated credit losses was not significant as of February 3, 2024 or January 28, 2023.
Inventories
Inventories are principally valued at the lower of cost or net realizable value on a weighted-average cost basis. The Company writes down inventory, the impact of which is reflected in cost of goods sold, buying and occupancy costs in the Consolidated Statements of Income and Comprehensive Income, if the cost of specific inventory items on hand exceeds the amount the Company expects to realize from the ultimate sale or disposal of the inventory. These estimates are based on management's judgment regarding future demand and market conditions and analysis of historical experience. The lower of cost or net realizable value adjustment to inventory as of February 3, 2024 and January 28, 2023 was $15.1 million and $10.3 million, respectively.
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The Company also records an inventory shrink reserve for estimated merchandise inventory losses between the last physical inventory count and the balance sheet date. This estimate is based on management's analysis of historical results.
Advertising
Advertising production costs are expensed at the time the promotion first appears in media, stores, or on the website. Total advertising expense was $122.0 million and $134.9 million in 2023 and 2022, respectively. Advertising costs are included in selling, general, and administrative expenses in the Consolidated Statements of Income and Comprehensive Income.
Property and Equipment, Net
Property and equipment are stated at cost. Depreciation of property and equipment is computed on a straight-line basis, using the following useful lives:
Category
 
Depreciable Life
 
Software, including software developed for internal use
3 - 7 years
Store related assets and other property and equipment
3 - 10 years
Furniture, fixtures and equipment
5 - 7 years
Leasehold improvements
Shorter of lease term or useful life of the asset, typically no longer than 10 years
Building improvements
6 - 30 years
When a decision is made to dispose of property and equipment prior to the end of its previously estimated useful life, depreciation estimates are revised to reflect the use of the asset over the shortened estimated useful life. The cost of assets sold or retired and the related accumulated depreciation are removed from the accounts with any resulting gain or loss included in other operating income, net, in the Consolidated Statements of Income and Comprehensive Income. Maintenance and repairs are charged to expense as incurred. Major renewals and betterments that extend useful lives are capitalized.
Store Asset Impairment
Property and equipment, including the right of use assets, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur indicating the carrying value of these assets may not be recoverable, an impairment test is required. These events include, but are not limited to, material adverse changes in projected revenues, present cash flow losses combined with a history of cash flow losses and a forecast that demonstrates significant continuing losses, significant negative economic conditions, a significant decrease in the market value of an asset and store closure or relocation decisions. The reviews are conducted at the store level, the lowest identifiable level of cash flow.
Stores that display an indicator of impairment are subjected to an impairment assessment. Such stores are tested for recoverability by comparing the sum of the estimated future undiscounted cash flows to the carrying amount of the asset. This recoverability test requires management to make assumptions and judgments related, but not limited, to management’s expectations for future cash flows from operating the store.
The key assumption used in the undiscounted future store cash flow models is the sales growth rate.
An impairment loss may be recognized when these undiscounted future cash flows are less than the carrying amount of the asset group. In the circumstance of impairment, any loss would be measured as the excess of the carrying amount of the asset group over its fair value. Fair value of the store-related assets is determined at the individual store level based on the highest and best use of the asset group.

The key assumptions used in the fair value analysis may include discounted estimates of future store cash flows from operating the store and/or comparable market rents.
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During 2023 and 2022, the Company recognized impairment charges as follows:
20232022
(in thousands)
Right of use asset impairment$1,939 $1,483 
Property and equipment asset impairment1,489 667 
Total asset impairment$3,428 $2,150 
Impairment charges are recorded in cost of goods sold, buying and occupancy costs in the Consolidated Statements of Income and Comprehensive Income.
Equity Method Investments
The Company accounts for its 40% economic interest in the Joint Venture, through which it exercises significant influence but does not have control over the investee, under the equity method. Under the equity method, the Company records its investment in the investee on the balance sheet initially at cost, and subsequently adjusts the carrying amount based on its share of the investee's net income or loss. Royalty distributions received from the investee are recognized as a reduction of the carrying amount of the investment. The Company's share of equity (income) losses and other adjustments associated with this equity method investment is included in royalty income in the Consolidated Statements of Income and Comprehensive Income. The carrying value for the Company's equity investment is reported in equity method investment on the Consolidated Balance Sheets. The Company reports its share of earnings using a one-month lag because results are not available in time for it to record them in the concurrent period. This convention has not historically materially impacted the Company's results.
Income Taxes
The Company accounts for income taxes using the asset and liability method. Under this method, the amount of taxes currently payable or refundable are accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of the Company's assets and liabilities. Valuation allowances are established against deferred tax assets when it is more likely than not that the realization of those deferred tax assets will not occur.
Deferred tax assets and liabilities are measured using the enacted tax rates in effect in the years when those temporary differences are expected to reverse. The effect on deferred taxes from a change in tax rate is recognized through continuing operations in the period that includes the enactment date of the change. Changes in tax laws and rates could affect recorded deferred tax assets and liabilities in the future.
The Company considers all available evidence, both positive and negative, when evaluating whether deferred tax assets are realizable. Such factors include past operating results, taxable income in prior carryback years, future reversal of existing temporary differences, prudent and feasible tax planning strategies and forecasts of future operating income. The past operating results is given more weight than expectations of future profitability, which is inherently uncertain. The assumptions utilized in determining future taxable income require significant judgment and actual operating results in future years could differ from the Company’s current assumptions and estimates.
A tax benefit from an uncertain tax position may be recognized when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized.
The Company recognizes tax liabilities for uncertain tax positions and adjusts these liabilities when the Company's judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense and the effective tax rate in the period in which the new information becomes available.
Interest and penalties related to unrecognized tax benefits are recognized within income tax expense in the Consolidated Statements of Income and Comprehensive Income. Accrued interest and penalties are included within other long-term liabilities on the Consolidated Balance Sheets.
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The income tax liability was $2.6 million and $8.0 million as of February 3, 2024 and January 28, 2023, respectively, and is included in accrued expenses on the Consolidated Balance Sheets.
The Company may be subject to periodic audits by the Internal Revenue Service ("IRS") and other taxing authorities. These audits may challenge certain of the Company's tax positions, such as the timing and amount of deductions and allocation of taxable income to various jurisdictions.
Self-Insurance
The Company is generally self-insured in the United States for medical, workers' compensation and general liability benefits up to certain stop-loss limits. Such costs are accrued based on known claims and estimates of incurred but not reported (“IBNR”) claims. IBNR claims are estimated using historical claim information and actuarial estimates. The accrued liability for self-insurance is included in accrued expenses on the Consolidated Balance Sheets.
Revenue Recognition
All revenues are recognized in net sales in the Consolidated Statements of Income and Comprehensive Income.
The following is information regarding the Company's major product categories and sales channels:
 20232022
(in thousands)
Apparel$1,678,831 $1,667,833 
Accessories and other120,042 144,356 
Other revenue55,484 51,993 
Total net sales$1,854,357 $1,864,182 
 20232022
(in thousands)
Retail$1,370,374 $1,314,647 
Outlet428,499 497,542 
Other revenue55,484 51,993 
Total net sales$1,854,357 $1,864,182 
Merchandise returns are reflected in the accounting records of the channel where they are physically returned. Other revenue consists primarily of revenue earned from our private label credit card agreement, shipping and handling revenue related to eCommerce activity, sell-off revenue related to marked-out-of-stock inventory sales to third parties, revenue from gift card breakage and revenue from franchise agreements.
Revenue related to the Company’s international franchise operations was not material for any period presented and, therefore, is not reported separately from domestic revenue.
Merchandise Sales
The Company recognizes sales for in-store purchases at the point-of-sale. Revenue related to eCommerce transactions is recognized upon shipment based on the fact that control transfers to the customer at that time. The Company has made a policy election to treat shipping and handling as costs to fulfill the contract, and as a result, any amounts received from customers are included in the transaction price allocated to the performance obligation of providing goods with a corresponding amount accrued within cost of goods sold, buying and occupancy costs in the Consolidated Statements of Income and Comprehensive Income for amounts paid to applicable carriers. Associate discounts on merchandise purchases are classified as a reduction of net sales. Net sales excludes sales tax collected from customers and remitted to governmental authorities.
The Company also sells merchandise to multiple franchisees pursuant to different franchise agreements. Revenues may consist of sales of merchandise and/or royalties. Revenues from merchandise sold to franchisees are recorded
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at the time title transfers to the franchisees. Royalty revenue is based upon a percentage of the franchisee’s net sales to third parties and is earned when such sales to third parties occur.
Loyalty Program
The Company maintains a customer loyalty program in which customers earn points toward rewards for qualifying purchases and other marketing activities. Upon reaching specified point values, customers are issued a reward, which they may redeem on merchandise purchases at the Company’s stores or on its website. Generally, rewards earned must be redeemed within 60 days from the date of issuance. The Company defers a portion of merchandise sales based on the estimated standalone selling price of the points earned. This deferred revenue is recognized as certificates are redeemed or expire. To calculate this deferral, the Company makes assumptions related to card holder redemption rates based on historical experience. The loyalty liability is included in deferred revenue on the Consolidated Balance Sheets.
20232022
(in thousands)
Beginning balance loyalty deferred revenue$9,939 $10,918 
Reduction in revenue (revenue recognized)407 (979)
Ending balance loyalty deferred revenue$10,346 $9,939 
Sales Returns Reserve
The Company reduces net sales and provides a reserve for projected merchandise returns based on prior experience. Merchandise returns are often resalable merchandise and are refunded by issuing the same payment tender as the original purchase. The sales returns reserve was $11.4 million and $9.0 million as of February 3, 2024 and January 28, 2023, respectively, and is included in accrued expenses on the Consolidated Balance Sheets. The asset related to projected returned merchandise is included in other assets on the Consolidated Balance Sheets.
Gift Cards
The Company sells gift cards in its stores, on its eCommerce website and through third parties. These gift cards do not expire or lose value over periods of inactivity. The Company accounts for gift cards by recognizing a liability at the time a gift card is sold. The gift card liability balance was $32.2 million and $25.6 million as of February 3, 2024 and January 28, 2023, respectively, and is included in deferred revenue on the Consolidated Balance Sheets. As part of the acquisition of Bonobos, the Company acquired $7.5 million in gift card liability. Refer to Note 5 for further discussion regarding the acquisition. During 2023 and 2022, the Company recognized approximately $12.0 million and $13.9 million of revenue that was previously included in the beginning gift card contract liability, respectively. The Company recognizes revenue from gift cards when they are redeemed by the customer. The Company also recognizes income on unredeemed gift cards, referred to as “gift card breakage.” Gift card breakage is recognized proportionately using a time-based attribution method from issuance of the gift card to the time when it can be determined that the likelihood of the gift card being redeemed is remote and that there is no legal obligation to remit unredeemed gift cards to relevant jurisdictions. The gift card breakage rate is based on historical redemption patterns. Gift card breakage is included within the other revenue component of net sales in the Consolidated Statements of Income and Comprehensive Income.
20232022
(in thousands)
Beginning gift card liability$25,604 $25,066 
Issuances and acquired39,575 30,780 
Redemptions(30,105)(27,303)
Gift card breakage(2,913)(2,939)
Ending gift card liability$32,161 $25,604 
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Private Label Credit Card
The Company has an agreement with Comenity Bank (the “Bank”) to provide customers with private label credit cards (the “Card Agreement”) which was amended on August 28, 2017 to extend the term of the arrangement through December 31, 2024. Each private label credit card bears the logo of the Express brand and can only be used at the Company’s store locations and eCommerce channel. The Bank is the sole owner of the accounts issued under the private label credit card program and absorbs the losses associated with non-payment by the private label card holders and a portion of any fraudulent usage of the accounts.
Pursuant to the Card Agreement, the Company receives amounts from the Bank during the term based on a percentage of private label credit card sales and is also eligible to receive incentive payments for the achievement of certain performance targets. These funds are recorded within the other revenue component of net sales in the Consolidated Statements of Income and Comprehensive Income. The Company also receives reimbursement funds from the Bank for certain expenses the Company incurs. These reimbursement funds are used by the Company to fund marketing and other programs associated with the private label credit card. The reimbursement funds received related to private label credit cards are recorded within the other revenue component of net sales in the Consolidated Statements of Income and Comprehensive Income.
In connection with the Card Agreement, the Bank agreed to pay the Company a $20.0 million refundable payment which the Company recognized upon receipt as deferred revenue within other long-term liabilities in the Consolidated Balance Sheets and began to recognize into income on a straight-line basis commencing January 2018. As of February 3, 2024, the deferred revenue balance of $2.6 million will be recognized over the remaining term of the amended Card Agreement within the other revenue component of net sales in the Consolidated Statements of Income and Comprehensive Income.
20232022
(in thousands)
Beginning balance refundable payment liability$5,516 $8,394 
Recognized in revenue(2,878)(2,878)
Ending balance refundable payment liability $2,638 $5,516 
Cost of Goods Sold, Buying and Occupancy Costs
Cost of goods sold, buying and occupancy costs, includes merchandise costs, freight, inventory shrinkage, royalties paid to the Joint Venture and other gross margin related expenses. Buying and occupancy expenses primarily include payroll, benefit costs, and other operating expenses for the buying departments (merchandising, design, manufacturing and planning and allocation), distribution, eCommerce fulfillment, rent, common area maintenance, real estate taxes, utilities, maintenance and depreciation for stores.
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses include all operating costs not included in cost of goods sold, buying and occupancy costs, with the exception of proceeds received from insurance claims and gain/loss on disposal of assets, which are included in other operating income, net. These costs include payroll and other expenses related to operations at our corporate home office, store expenses other than occupancy, and marketing expenses.
Royalty Income
Royalty income consists of our share of equity income associated with our equity investment with WHP discussed in Note 4.
Other Operating Income, Net
Other operating income, net primarily consists of gains/losses on disposal of assets, excess proceeds from the settlement of insurance claims and the write off of certain costs associated with aborted debt negotiations.
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Gain on Transaction with WHP
Gain on transaction with WHP primarily consists of proceeds from the sale of majority interest of intellectual property to the Joint Venture, the equity method investment and the premium paid on the common shares by WHP in 2022 discussed in Note 4.

Other Expense (Income), Net
Other expense (income), net primarily consists of the impairment of the Company's equity method investment discussed in Note 4.

NOTE 3 | PROPERTY AND EQUIPMENT, NET
Property and equipment, net, consisted of:
February 3, 2024January 28, 2023
(in thousands)
Building improvements$12,679 $16,312 
Furniture, fixtures and equipment, and software583,346 582,205 
Leasehold improvements382,620 402,598 
Construction in process8,160 17,652 
Other810 810 
Total987,615 1,019,577 
Less: accumulated depreciation(881,700)(886,193)
Property and equipment, net$105,915 $133,384 
Depreciation expense totaled $55.1 million and $61.5 million in 2023 and 2022, respectively, excluding impairment charges discussed in Note 2.

NOTE 4 | EQUITY METHOD INVESTMENT
The following table is a summary of the Company’s equity method investment with WHP:
% of OwnershipBalance Sheet LocationFebruary 3, 2024
(in thousands)
EXP Topco, LLC40%Equity Method Investment$139,010 
The Company accounts for its 40% economic interest in the Joint Venture, through which it exercises significant influence but does not have control over the investee, under the equity method. Under the equity method, the Company records its investment in the investee on the balance sheet initially at cost, and subsequently adjusts the carrying amount based on its share of the investee's net income or loss. Royalty distributions received from the investee are recognized as a reduction of the carrying amount of the investment. The Company's share of equity (income) losses and other adjustments associated with this equity method investment is included in royalty income in the Consolidated Statements of Income and Comprehensive Income. The carrying value for the Company's equity investment is reported in equity method investment on the Consolidated Balance Sheets. The Company reports its share of earnings using a one-month lag because results are not available in time for it to record them in the concurrent period. This convention has not historically materially impacted the Company's results.
In preparing its financial statements for the fiscal year ended February 3, 2024, the Company evaluated the equity method investment with WHP, and determined there was an other-than-temporary impairment. The Company's conclusion was based on the inability of the investee to sustain a level of earnings that would justify the carrying amount of the investment. The Company utilized discounted cash flow techniques to project cash flows based upon the guaranteed minimum royalty payments, as described below. As a result, the equity method investment with a carrying value of $166.2 million was written down to its estimated fair value of $139.0 million, resulting in a non-
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cash, pre-tax impairment charge of $27.2 million. The impairment was based on the fair value of the investment at the balance sheet date. The fair value was determined based upon the estimated future cash flows of the Joint Venture. This loss from impairment was recorded in other expense (income), net in the Consolidated Statements of Income and Comprehensive Income. The equity interest in the Joint Venture was sold pursuant to the Sale Transaction.

Equity Method Investment with WHP
On January 25, 2023, the Company closed the strategic partnership transaction with WHP. In connection with the closing of this transaction, the Company and WHP formed the Joint Venture. The Company contributed certain intellectual property of the Company in exchange for 40% ownership of the Joint Venture and $235.0 million. WHP paid the $235.0 million for a 60% ownership of the Joint Venture, implying a fair value of the Company’s 40% interest in the Joint Venture of approximately $156.7 million.
During the fourth quarter of 2022, under the derecognition guidance from Accounting Standards Codification ("ASC") Topic 810, Consolidation, the Company derecognized the intellectual property assets at their carrying amount upon their contribution to the Joint Venture. Because the carrying amount of the contributed intellectual property assets was zero, a $391.7 million gain was recognized at the time of contribution, of which $156.7 million was related to the Company’s 40% interest in the Joint Venture. The gain was recorded in gain on transaction with WHP on the Consolidated Statements of Income and Comprehensive Income. Transaction costs capitalized in the cost of the equity method investment totaled $9.4 million.
Separately, on December 8, 2022, the Company and WH Borrower, LLC, an affiliate of WHP ("WH Borrower") entered into an investment agreement (the “Investment Agreement”) pursuant to which the Company issued and sold 5.4 million newly issued shares of Common Stock to WH Borrower in private placement for a purchase price of $4.60 per share, or an aggregate purchase price of approximately $25.0 million, representing an approximate pro forma ownership of 7.4% of the outstanding shares of Common Stock. The difference between the purchase price paid and the trading price of the Common Stock on the day of the completion of the transaction resulted in a gain of $17.8 million and was recorded in gain on transaction with WHP on the Consolidated Statements of Income and Comprehensive Income.
In connection with the strategic partnership with WHP, on January 25, 2023, the Company and the Joint Venture entered into an Intellectual Property License Agreement (the “License Agreement”). The License Agreement provided the Company with an exclusive license in the United States to the intellectual property contributed in connection with the Membership Interest Purchase Agreement and certain other intellectual property. The initial term of the License Agreement was 10 years, and the License Agreement automatically renewed for successive renewal terms of 10 years (unless the Company provided notice of non-renewal at least 24 months prior to the end of the initial or applicable renewal term). Except for the Company’s right not to renew the License Agreement, the License Agreement was not terminable by either party. The Company paid the Joint Venture a royalty on net sales of certain licensed goods and committed to an annual guaranteed minimum annual royalty during the term of the License Agreement (i.e., $60.0 million in the first contract year, increasing by $1.0 million per year for the next five contract years, and remaining at $65.0 million following the sixth contract year). The Company paid the Joint Venture royalties at a rate of (i) 3.25% of net sales arising from retail sales of certain licensed goods in the first through fifth contract years (and 3.5% thereafter), and (ii) 8% of net sales arising from wholesale sales of such goods. The Company prepaid the Joint Venture’s first contract year guaranteed minimum royalty of $60.0 million with a portion of the transaction proceeds, which was recorded as a prepaid royalty on the Consolidated Balance Sheets.
Pursuant to the agreement governing the operations of the Joint Venture (the “Operating Agreement”), cash earnings of the Joint Venture were distributed quarterly to the Company and WH Borrower on a pro rata basis based on their respective equity ownership interests.

As the Chairman and Chief Executive Officer of WHP was appointed to the Board upon the closing of the Investment Agreement discussed above, the agreements entered into in connection with the WHP strategic partnership transaction, including the Operating Agreement, the Investment Agreement and the License Agreement (including related royalty payments) are considered related party transactions.

During 2023, the Company recognized $22.4 million of royalty income, respectively, from the Joint Venture, which is recorded in royalty income in the Consolidated Statements of Income and Comprehensive Income.
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Summary Financial Information for Equity Method Investment
Summarized financial information related to the Company's equity method investment on a one-month lag is reflected below:
Fifty-Three Weeks Ended February 3, 20241
(in thousands)
Revenue$59,667 
Gross profit59,667 
Operating expenses28,830 
Interest income(116)
Income before taxes30,953 
Net income$29,699 
Income attributable to the equity method investment$22,375 
1.Reflects a one-month lag
February 3, 20241
(in thousands)
Current assets$8,238 
Non-current assets414,873 
Total assets$423,111 
Current liabilities7,717 
Non-current liabilities14,295 
Total liabilities$22,012 
Equity method investment$139,010 
1.Reflects a one-month lag

Equity Method Investment in Homage, LLC
In 2016, the Company made a $10.1 million investment in Homage, LLC, a privately held retail company based in Columbus, Ohio. The non-controlling investment in the entity was being accounted for under the equity method.

During the third quarter of 2020, the Company sold all of its interest in Homage, LLC back to Homage, LLC in exchange for a promissory note payable to the Company in the principal amount of $1.5 million. The Company recorded a reserve against the full value of this promissory note.
During the fourth quarter of 2021, the Company revised the payment terms of the note receivable and collected $0.3 million which was recorded as other income within other (income)/expense, net in the Consolidated Statements of Income and Comprehensive Income.
During 2022, the Company collected $1.2 million which was recorded as other income within other (income)/expense, net in the Consolidated Statements of Income and Comprehensive Income. The Company has no remaining activity with Homage, LLC.

NOTE 5 | ACQUISITIONS
The Company accounts for business combinations in accordance with ASC Topic 805, Business Combinations. Consistent with ASC Topic 805, the Company accounts for each business combination by applying the acquisition method. Under the acquisition method, the Company records the identifiable assets acquired and liabilities assumed at their respective fair values on the acquisition date. There are various estimates and judgments related to the valuation of identifiable assets acquired and liabilities assumed. These estimates and judgments have the potential to materially impact the Company’s Consolidated Financial Statements.
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The acquisition method permits the Company a period of time after the acquisition date during which the Company may adjust the provisional amounts recognized in a business combination. This period of time is referred to as the “measurement period”. The measurement period provides an acquirer with a reasonable time, generally not to exceed one year, to obtain the information necessary to identify and measure the assets acquired and liabilities assumed. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports in its consolidated financial statements provisional amounts for the items for which the accounting is incomplete. Accordingly, the Company is required to recognize adjustments to the provisional amounts in the reporting period in which the adjustments to the provisional amounts are determined. Thus, the Company would adjust its consolidated financial statements as needed as a result of the change to the provisional amounts calculated as if the accounting had been completed at the acquisition date.
Acquisition-related costs are costs the Company incurs to affect a business combination. Those costs may include such items as finder’s fees, advisory, legal, accounting, valuation, and other professional or consulting fees, and general administrative costs. The Company accounts for such acquisition-related costs as expenses in the period in which the costs are incurred and the services are received.

Bonobos Asset Acquisition
On May 23, 2023, the Company completed the acquisition of the operating assets and liabilities of Bonobos, a menswear brand known for exceptional fit and an innovative retail model, for total cash consideration of approximately $28.3 million, which represents (i) the $25.0 million purchase price, plus (ii) $2.0 million of certain customary adjustments related to net working capital and $1.3 million of prepaid rent expense. The acquisition was funded with borrowings under the Revolving Credit Facility described in Note 8.
Bonobos License Agreement
On May 23, 2023, the Company and WHP entered into a license agreement that provides the Company with an exclusive license in the United States to intellectual property related to the Bonobos brand, including intellectual property rights for the Bonobos brand that was separately acquired by WHP (the “Bonobos License Agreement”). The Bonobos License Agreement has an initial term of 10 years from its effective date, and automatically renews for successive renewal terms of 10 years unless (i) the Company provides notice of non-renewal at least 24 months prior to the end of the initial or applicable renewal term, or (ii) WHP exercises its right to not renew in the event of certain failures by the Company to pay the annual guaranteed minimum royalty. Except for such non-renewal rights, the Bonobos License Agreement is not terminable by either party. The Company will pay WHP a royalty on net sales of certain licensed goods and is committed to pay an annual guaranteed minimum royalty during the term of the Bonobos License Agreement (ranging from $6.5 million in the first contract year to $11.5 million in the tenth contract year and each contract year thereafter). The Company will pay royalties at a rate of (i) 3.25% of net sales arising from retail sales of certain licensed goods in the first through the fifth contract years (and 3.5% thereafter), and (ii) 8% of net sales arising from wholesale sales of such goods. Refer to Note 4 for further details regarding the Company’s equity method investment with WHP.

Purchase Price Allocation
The Bonobos acquisition was accounted for as a business combination in accordance with ASC Topic 805. Consistent with ASC Topic 805, Bonobos was consolidated into the Company's Consolidated Financial Statements starting on the closing date of the acquisition. The purchase price allocation as of the closing date of the acquisition was based on a preliminary valuation and was finalized in fiscal year 2023 with no purchase accounting adjustments. The purchase price consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:
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Bonobos
(in thousands)
Purchase Price
Cash paid$28,300 
Allocation
Receivables, net$2,071 
Inventory51,293 
Right of use asset, net27,914 
Property and equipment, net2,858 
Other assets acquired5,827 
Assets acquired$89,963 
Short-term lease liability(6,698)
Accounts payable(9,479)
Deferred revenue(9,077)
Long-term lease liability(23,617)
Accrued expenses and other liabilities assumed(12,792)
Liabilities assumed$(61,663)
Net cash paid$28,300 
The Company recorded an allocation of the purchase price to the tangible assets acquired and liabilities assumed based on their fair value at the acquisition date. The fair value of inventories, which is made up of finished goods, was determined based on market assumptions for realizing a reasonable profit after selling costs. Goodwill is determined as the excess of the purchase price over the fair value of the net assets acquired. The Company recognized an immaterial amount of goodwill recognized related to the acquisition.
During 2023, the Company incurred $5.2 million of acquisition-related and integration costs in connection with the acquisition of Bonobos, which was included in selling, general and administrative expenses in the Consolidated Statements of Income and Comprehensive Income and are included in pro forma earnings.
Pro Forma Financial Information
The aggregate net sales and net income of Bonobos was $152.2 million and $1.4 million during 2023, respectively. The following financial information presents the Company's consolidated results as if the acquisition had occurred on January 30, 2022:
20232022
(in thousands)
Net sales$1,923,377 $2,054,636 
Net (loss) income$(187,604)$286,672 
The Company did not have any nonrecurring pro forma adjustments directly attributable to the Bonobos acquisition included in the reported pro forma earnings and revenue.

These pro forma results have been calculated after applying the Company's accounting policies. These pro forma results were based on estimates and assumptions, which the Company believes are reasonable. They are not the results that would have been realized had the acquisition actually occurred on January 30, 2022 and are not necessarily indicative of the Company's consolidated results of operations in future periods. The pro forma results include adjustments related to purchase accounting.

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NOTE 6 | LEASES
The Company accounts for leases under ASU 2016-02, “Leases (Topic 842)” (“ASC 842”). This ASU is a comprehensive standard that requires lessees to recognize lease assets and lease liabilities for most leases, including those leases previously classified as operating leases.
The Company’s right of use assets represent a right to use underlying assets for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at the lease commencement date (date on which the Company gains access to the property) based on the estimated present value of lease payments over the lease term, net of landlord allowances to be received. The Company accounts for the lease and non-lease components as a single lease component for all current classes of leases.
The Company leases all of its store locations and its corporate headquarters, which also includes its distribution center, under operating leases. The store leases typically have initial terms of 5 to 10 years however, most of the leases that are coming to the end of their lease lives are being renegotiated with shorter terms. The current lease term for the corporate headquarters expires in 2031, with one optional five-year extension period. The Company also leases certain equipment and other assets under operating leases, typically with initial terms of 3 to 5 years. The lease term includes the initial contractual term as well as any options to extend the lease when it is reasonably certain that the Company will exercise that option. Leases with an initial term of 12 months or less (short-term leases) are not recorded on the balance sheet. As of February 3, 2024, the Company does not have any material short-term leases. The Company is generally obligated for the cost of property taxes, insurance and other landlord costs, including common area maintenance charges, relating to its leases. If these charges are fixed, they are combined with lease payments in determining the lease liability; however, if such charges are not fixed, they are considered variable lease costs and are expensed as incurred. The variable payments are not included in the measurement of the lease liability or asset. The Company’s finance leases are immaterial.
Certain lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The Company’s lease agreements do not provide an implicit rate, so the Company uses an estimated incremental borrowing rate, which is derived from third-party information available at the lease commencement date, in determining the present value of lease payments. The rate used is for a secured borrowing of a similar term as the lease.
Annual store rent consists of a fixed minimum amount and/or contingent rent based on a percentage of sales exceeding a stipulated amount.
The following table is a summary of the Company’s components of net lease cost, which is included in cost of goods sold, buying and occupancy costs, in the Consolidated Statements of Income and Comprehensive Income:
20232022
(in thousands)
Operating lease costs$228,612 $220,682 
Variable and short-term lease costs64,437 63,516 
Total lease costs$293,049 $284,198 
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Supplemental cash flow information related to leases is as follows:
20232022
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$257,995 $253,197 
Right of use assets obtained in exchange for operating lease liabilities$158,744 $45,136 
Supplemental balance sheet information related to leases is as follows:
20232022
Operating leases:
Weighted average remaining lease term (in years)4.13.8
Weighted average discount rate9.7 %6.9 %
The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities (without giving effect to the rejection unexpired leases in connection with the Chapter 11 Cases) recorded on the Consolidated Balance Sheets as of February 3, 2024:

February 3, 2024
(in thousands)
2024$227,569 
2025177,052 
2026129,603 
202784,638 
202856,676 
Thereafter59,272 
Total minimum lease payments734,810 
Less: amount of lease payments representing interest137,110 
Present value of future minimum lease payments597,700 
Less: current obligations under leases177,525 
Long-term lease obligations$420,175 

Refer to Item 2 Properties included elsewhere in this Form 10-K for further discussion regarding lease agreements.

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NOTE 7 | INCOME TAXES
The provision (benefit) for income taxes consists of the following:
20232022
Current:(in thousands)
U.S. federal$1,508 $8,273 
U.S. state and local532 1,312 
Total2,040 9,585 
Deferred:
U.S. federal995 3,546 
U.S. state and local(3,728)7,322 
Total(2,733)10,868 
Income tax (benefit) expense$(693)$20,453 
The following table provides a reconciliation between the statutory federal income tax rate and the effective tax rate:
 20232022
Federal income tax rate21.0 %21.0 %
State income taxes, net of federal income tax effect5.3 %6.4 %
Change in uncertain tax positions0.2 %0.4 %
Share-based compensation(0.3)%0.1 %
Non-deductible executive compensation0.2 %0.6 %
Change in valuation allowance(24.7)%(21.8)%
CARES Act Adjustment(3.9)% %
Return-to-Provision Adjustment2.8 % %
Tax credits %(0.3)%
Other items, net(0.2)%0.1 %
Effective tax rate0.4 %6.5 %
The decrease in the tax rate in 2023 compared to 2022 is primarily attributable to the gain on the transaction with WHP in 2022, as well as adjustments made in 2023 as a result of the audit of the Company's CARES Act refund claim (detailed below). The gain on the transaction with WHP in 2022 allowed the Company to utilize certain deferred tax assets and tax attributes with a corresponding release to the Company's valuation allowance. In 2023, the Company reflected an increase in its valuation allowance against current year taxable losses.
On March 27, 2020, the CARES Act was enacted into law. The CARES Act provides several provisions that impact the Company, including the establishment of a five-year carryback of net operating losses originating in the tax years 2018, 2019 and 2020, temporarily suspending the 80% limitation on the use of net operating losses, relaxing limitation rules on business interest deductions, and retroactively clarifying that businesses may immediately write-off certain qualified leasehold improvement property dating back to January 1, 2018. The Company carried back certain of its U.S. federal net operating losses to offset taxable income in the five-year carryback period as part of the CARES Act. As of February 3, 2024, the Company has a $45.5 million income tax receivable recorded as a non-current asset.
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The following table provides the effect of temporary differences that created deferred income taxes as of February 3, 2024 and January 28, 2023. Deferred tax assets and liabilities represent the future effects on income taxes resulting from temporary differences and carry-forwards at the end of the respective periods.
 February 3, 2024January 28, 2023
(in thousands)
Deferred tax assets:
Accrued expenses and deferred compensation$9,406 $9,999 
Lease liability161,658 161,389 
Intangible assets13,795 10,851 
Inventory683 1,136 
Deferred revenue6,973 5,418 
Interest Expense5,282  
Bad Debts660  
Property and equipment3,936  
Other1,351 871 
Net operating losses, tax credit and other carryforwards52,316 17,693 
Valuation allowance(92,372)(41,767)
Total deferred tax assets163,688 165,590 
Deferred tax liabilities:
Prepaid expenses1,227 2,374 
Right of use asset138,963 133,149 
Investment in Joint Venture31,633 36,500 
Property and equipment 4,435 
Total deferred tax liabilities171,823 176,458 
Net deferred tax liability$(8,135)$(10,868)
The Company evaluates whether deferred tax assets are realizable on a quarterly basis. The Company considers all available positive and negative evidence, including past operating results and expectations of future operating income. Accordingly, the Company has booked a valuation allowance against the amount of deferred tax assets not expected to be realized as of February 3, 2024.
As of February 3, 2024, the Company had U.S. federal net operating loss carryforwards of $128.0 million and U.S. state net operating loss carryforwards of $528.0 million. The U.S. federal net operating losses have an indefinite carryforward period. The U.S. state net operating losses have carryforward periods of five to twenty years with varying expiration dates and certain jurisdictions have an unlimited carryforward period. The Company also has $0.1 million in foreign tax credits, which can be carried forward 10 years and expire starting in 2027. A valuation allowance has been recorded on all tax attributes not expected to be realized in future periods.
The net deferred tax liability as of February 3, 2024 is included in the Other Long-Term Liabilities on the Consolidated Balance Sheets.
The following table summarizes the changes in the valuation allowance:
20232022
(in thousands)
Valuation allowance, beginning of year$41,767 $107,669 
Changes in related gross deferred tax assets/liabilities5,705 2,661 
Charge (release)44,900 (68,563)
Valuation allowance, end of year$92,372 $41,767 
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The increase in the valuation allowance in 2023 is primarily attributable to taxable losses generated in the current year.
Uncertain Tax Positions
The Company evaluates tax positions using a more likely than not recognition criterion.
A reconciliation of the beginning to ending unrecognized tax benefits is as follows:
February 3, 2024January 28, 2023
(in thousands)
Unrecognized tax benefits, beginning of year$1,967 $1,573 
Gross addition for tax positions of the current year 335 
Gross addition for tax positions of the prior year 174 
Reduction for tax positions of prior years(45) 
Lapse of statute of limitations(455)(115)
Unrecognized tax benefits, end of year$1,467 $1,967 
The amount of the above unrecognized tax benefits as of February 3, 2024 and January 28, 2023 that would impact the Company's effective tax rate, if recognized, is $1.5 million and $2.0 million, respectively.
During 2023 and 2022, the Company released gross uncertain tax positions of $0.5 million and $0.1 million, respectively, and the related accrued interest and penalties of $0.2 million and $0.1 million, respectively, as a result of the expiration of associated statutes of limitation.
The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. The total amount of net interest in tax expense related to interest and penalties included in the Consolidated Statements of Income and Comprehensive Income was $(0.1) million for 2023 and $(0.1) million for 2022. As of February 3, 2024 and January 28, 2023, the Company had accrued interest and penalties of $0.4 million and $0.5 million, respectively.
The Company is subject to examination by the IRS for years subsequent to 2013. The Company recently completed an audit for refund claims related to the carryback of U.S. federal net operating losses as a result of CARES Act provisions. On April 15, 2024, the Company received the CARES Act refund in the amount of approximately $49.0 million. The Company is also generally subject to examination by various U.S. state and local and non-U.S. tax jurisdictions for the years subsequent to 2013. The Company does not expect the results from any income tax audit to have a material impact on the Company’s financial statements.
As of February 3, 2024, the Company believed that over the next twelve months, it was reasonably possible that up to $0.5 million of unrecognized tax benefits could be resolved as the result of settlements of audits and the expiration of statutes of limitation. Final settlement of these issues may result in payments that are more or less than this amount, but the Company does not anticipate that the resolution of these matters will result in a material change to its consolidated financial position or results of operations.

NOTE 8 | DEBT
The Company's filing of the Chapter 11 Cases constituted an event of default that accelerated its obligations under the ABL Credit Agreement and the FILO Term Loan Agreement. Pursuant to Section 362 of the Bankruptcy Code, the filing of the Chapter 11 Cases automatically stayed most actions against the applicable Debtor, including actions to collect indebtedness, including interest payments, incurred prior to the Petition Date or to exercise control over the applicable Debtor’s property.
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The following table summarizes the Company's outstanding debt as of the dates indicated:

February 3, 2024January 28, 2023
(in thousands)
Revolving Credit Facility$144,357 $122,000 
FILO Term Loan63,073  
Total outstanding borrowings207,430 122,000 
Less: unamortized debt issuance costs(2,801) 
Total debt, net204,629 122,000 
Less: current portion of long-term debt4,659  
Long-term debt, net$199,970 $122,000 
Outstanding letters of credit$20,082 $19,636 
Revolving Credit Facility
Express, LLC (the "Borrower") and its subsidiaries entered into an Asset-Based Loan Credit Agreement (the "ABL Credit Agreement") with the lenders party thereto, Wells Fargo Bank, National Association, as administrative agent and collateral agent ("Wells Fargo"), and Bank of America, N.A., as documentation agent (“Bank of America”) pursuant to which revolving loans, up to a maximum borrowing amount of $290.0 million (the “Revolving Credit Facility”), may have been borrowed, repaid and reborrowed until the maturity date of November 26, 2027. Amounts borrowed under the Revolving Credit Facility bore interest at a variable rate indexed to Secured Overnight Financing Rate plus a pricing margin ranging from 1.75% to 2.25% per annum, as determined in accordance with the provisions of the ABL Credit Agreement based on average daily excess availability, as of any date of determination, for the most recently ended fiscal quarter, commencing April 30, 2023.

On September 5, 2023, the Loan Parties entered into a Fifth Amendment to the ABL Credit Agreement, which, among other things, permitted the entry by the Loan Parties into the Term Loan Agreement (defined below) on a second-priority basis to the Revolving Credit Facility.

Amounts borrowed under the Revolving Credit Facility were subject to a borrowing base which is calculated based on specified percentages of eligible inventory, credit card receivables and cash, less certain reserves. As of February 3, 2024, the interest rate on the approximately $144.4 million in outstanding borrowings under the Revolving Credit Facility was approximately 7.8%.

The unused line fee payable under the Revolving Credit Facility was 0.25% per annum regardless of the average daily excess availability, payable in arrears monthly.
The ABL Credit Agreement required the Borrower to maintain minimum excess availability and included customary events of default.

All obligations under the Revolving Credit Facility were guaranteed by the loan parties (other than the Borrower) and secured by a first priority lien on substantially all of the Loan Parties’ assets, subject to certain permitted liens.
As of February 3, 2024, the Company had approximately $144.4 million in borrowings outstanding under the Revolving Credit Facility and approximately $31.1 million remained available for borrowing under the Revolving Credit Facility as of such date after giving effect to outstanding letters of credit in the amount of $20.1 million and subject to certain borrowing base limitations as further discussed above. The fair value of the outstanding borrowings under the Revolving Credit Facility is estimated using Level 2 inputs and at February 3, 2024 and January 28, 2023 was $156.2 million and $115.0 million, respectively.
As a result of the filing of the Chapter 11 Cases, the lenders became subject to automatic stay provisions. This means that certain actions, including enforcing remedies or taking enforcement actions against the collateral, were temporarily stayed or put on hold and required the lenders to adhere to the provisions and limitations set forth under Chapter 11 of the Bankruptcy Code. Pursuant to the Sale Order and the related payoff letters, the lenders were paid off in full by the Debtors with proceeds from the Sale Transaction. At such point, all liens, claims and causes of
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action that the lenders may have had against the applicable Debtors were released and the Sale Transaction occurred as free and clear in accordance with Section 363 of the Bankruptcy Code.
FILO Term Loan
On September 5, 2023, the Company, the Borrower and certain other direct or indirect, wholly-owned subsidiaries of the Company (collectively, the “Loan Parties”) entered into an asset-based term loan agreement (the “Term Loan Agreement”) with ReStore Capital LLC, as administrative agent, collateral agent and lender, and the other lenders from time to time party thereto. The Term Loan Agreement provided the Borrower with a $65.0 million “first-in, last-out” term loan (the “FILO Term Loan”). The Borrower received $32.5 million in gross proceeds upon entering into the Term Loan Agreement, with the remaining $32.5 million principal amount from the FILO Term Loan received on September 13, 2023. The net proceeds of the FILO Term Loan were used to pay down outstanding borrowings under the ABL Credit Agreement without corresponding commitment reductions.

The FILO Term Loan was to mature on the earlier of (a) November 26, 2027 and (b) the date of termination of the commitments under the ABL Credit Agreement. The FILO Term Loan will bore interest at a variable rate based on the Secured Overnight Financing Rate plus an applicable margin of 10.00%.

The FILO Term Loan Agreement required the Borrower to maintain certain financial covenants and also contained customary affirmative and negative covenants and events of default. Obligations under the Term Loan Agreement were guaranteed by the Loan Parties (other than the Borrower) and secured by a second priority lien on substantially all personal property of the Loan Parties, including cash, accounts receivable, and inventory, and shared the same collateral as the Revolving Credit Facility.

As of February 3, 2024, the aggregate outstanding principal amount of the FILO Term Loan was $63.1 million. The fair value of the $63.1 million aggregate outstanding principal amount of the FILO Term Loan at February 3, 2024 was $47.8 million.

As of February 3, 2024, the interest rate on the outstanding principal balance of the FILO Term Loan was 15.3%.

The Term Loan Agreement required the Borrower to maintain minimum excess availability and included customary events of default.

All obligations under the Term Loan Agreement were guaranteed by the Loan Parties (other than the Borrower) and secured by a second priority lien on substantially all personal property of the Loan Parties, including cash, accounts receivable, and inventory, and shared the same collateral as the Revolving Credit Facility.

The Company recorded deferred financing costs associated with the issuance of the FILO Term Loan. The unamortized balance of such deferred costs was $2.8 million as of February 3, 2024. The aggregate outstanding principal amount of the FILO Term Loan is presented on the Consolidated Balance Sheets, net of the unamortized fees.

As a result of the filing of the Chapter 11 Cases, the lenders became subject to automatic stay provisions. This means that certain actions, including enforcing remedies or taking enforcement actions against the collateral, were temporarily stayed or put on hold and required the lenders to adhere to the provisions and limitations set forth under Chapter 11 of the Bankruptcy Code. Pursuant to the Sale Order and the related payoff letters, the lenders were paid off in full by the Debtors with proceeds from the Sale Transaction. At such point, all liens, claims and causes of action that the lenders may have had against the applicable Debtors were released and the Sale Transaction occurred as free and clear in accordance with Section 363 of the Bankruptcy Code.

Letters of Credit
The Company entered into various trade letters of credit ("trade LCs") in favor of certain vendors to secure merchandise. These trade LCs were issued for a defined period of time, for specific shipments, and generally expired three weeks after the merchandise shipment date. As of February 3, 2024 and January 28, 2023, there were no outstanding trade LCs. Additionally, the Company entered into stand-by letters of credit ("stand-by LCs") on an as-needed basis to secure payment obligations for third party logistic services, merchandise purchases, and other general and administrative expenses. As of February 3, 2024 and January 28, 2023, outstanding stand-by LCs totaled $20.1 million and $19.6 million, respectively.
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Debtor-in-Possession Financing

In order to administer the Chapter 11 Cases, operate the Debtors’ business in the ordinary course and facilitate the marketing and consummation of the Sale Transaction (as defined below), the Company obtained $214.0 million of post-petition debtor-in-possession financing (the “DIP Facilities”), consisting of (a) a new money single draw term loan in the amount of $25.0 million (the “Second Lien New Money DIP Term Loans”) and (b) a roll-up of (i) certain secured prepetition obligations under the Asset-Based Term Loan Agreement, dated as of September 5, 2023 (the “FILO Term Loan Agreement”) in the amount of $63.0 million (the “Second Lien DIP Term Roll-Up Loans”), and (ii) certain secured prepetition obligations under the asset-based loan credit agreement, dated as of May 20, 2015 (as amended, the “ABL Credit Agreement”) in the amount of $126.0 million (the “First Lien DIP ABL Roll-Up Loans”).

Each of the DIP Facilities were provided to the Company subject to the terms and conditions set forth in the respective DIP Credit Agreements that were executed by the Debtor and the applicable lenders on April 24, 2024, which include conditions precedent, representations and warranties, various affirmative and negative covenants, and events of default customary for financings of such type. The proceeds of all or a portion of the proposed DIP Facilities may be used by the Debtors for, among other things, refinancing the pre-petition debt of the Company, post-petition working capital for the Debtors, payment of costs to administer the Chapter 11 Cases, payment of expenses and fees of the transactions contemplated by the Chapter 11 Cases, payment of court-approved adequate protection obligations under the DIP Credit Agreements, and payment of other costs, in each case subject to the terms of the respective DIP Credit Agreement and the Final DIP Order or any other order of the Bankruptcy Court. The DIP ABL Facility was used to repay in full the obligations under the Second Amended and Restated Asset-Based Loan Credit Agreement, dated as of May 20, 2015 (as amended, the “ABL Credit Agreement”), including interest and fees through the date of repayment, on a dollar-for-dollar cashless basis.

The First Lien DIP ABL Loans are senior obligations of the Company and certain Debtors, and are secured by a first priority lien on the collateral under the ABL Credit Agreement, as well as on any unencumbered assets of the Debtors. The Second Lien New Money Term Loans and the Second Lien DIP Term Roll-up Loans (collectively, the DIP Term Loan Facility”) are senior obligations of the Company and certain Debtors, secured by a second priority lien on the collateral under the ABL Credit Agreement as well as on any unencumbered assets of the Debtors.

The relief granted by the Bankruptcy Court in its order on June 6, 2024, approving the final DIP Facilities (the “Final DIP Order”) also included granting certain adequate protections to the Debtors’ prepetition secured lenders and agents, which were intended to protect their interests in collateral securing their prepetition claims against the Debtors from any diminution in value.

NOTE 9 | STOCKHOLDERS' EQUITY
Share Repurchase Program
On November 28, 2017, the Board approved a share repurchase program that authorized the Company to repurchase up to $150.0 million of the Company’s outstanding Common Stock using available cash (the "Repurchase Program"), allowing the Company to repurchase shares on the open market, including through Rule 10b5-1 plans, in privately negotiated transactions, through block purchases, or otherwise in compliance with applicable laws, including Rule 10b-18 of the Exchange Act of 1934. As of February 3, 2024, the Company had approximately $34.2 million remaining under this authorization.

In connection with the Chapter 11 Cases, the Company’s share repurchase program was suspended indefinitely.

Investment Agreement
On December 8, 2022, the Company entered into the Investment Agreement with WHP. On January 25, 2023, the Company completed the transaction contemplated by the Investment Agreement. Pursuant to the Investment Agreement, the Company issued and sold 5.4 million shares of Common Stock to WHP (the “Purchased Shares”) for a purchase price of $4.60 per share, or an aggregate purchase price of $25.0 million, representing an approximate pro forma ownership of 7.4%. The Investment Agreement contains customary representations, warranties and covenants of the Company and WHP. The excess paid over fair value of $17.8 million was recorded in gain on transaction with WHP on the Consolidated Statements of Income and Comprehensive Income.
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Reverse Stock Split and Recasting of Per-Share Amounts
On August 30, 2023, the Company filed a Certificate of Amendment to the Company’s Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware to effect a 1-for-20 reverse stock split of the Common Stock. Pursuant to the Certificate of Amendment, effective as of 5:00 p.m., Eastern Time, on August 30, 2023, (i) every 20 shares of Common Stock issued and outstanding, including shares of Common Stock held by the Company as treasury shares, were automatically combined into one share of Common Stock, and (ii) the number of authorized shares of Common Stock was reduced from 500.0 million authorized shares to 25.0 million authorized shares of Common Stock.

Shares of the Common Stock began trading on a split-adjusted basis at market open on August 31, 2023. The $0.01 par value per share of Common Stock and any other rights associated the Common Stock were not affected by the reverse stock split.

All shares of Common Stock, stock option awards and per share amounts in the accompanying Consolidated Financial Statements and related Notes have been retrospectively restated to reflect the effect of the reverse stock split.

Preferred shares outstanding were not affected by the reverse stock split and as such, those shares have not been adjusted in the accompanying Consolidated Financial Statements and related Notes.

NOTE 10 | LONG-TERM INCENTIVE COMPENSATION
The Company records the fair value of share-based payments to employees in the Consolidated Statements of Income and Comprehensive Income as compensation expense, net of forfeitures, over the requisite service period. The Company issues shares of Common Stock from treasury stock, at average cost, upon exercise of stock options and vesting of restricted stock units, including those with performance conditions.
Long-Term Incentive Compensation Plans
The following summarizes long-term incentive compensation expense as of the date indicated:
20232022
(in thousands)
Restricted stock units$892 $4,075 
Stock options161 350 
Performance-based restricted stock units(5,945)3,115 
Total share-based compensation$(4,892)$7,540 
Cash-settled awards7,578 8,662 
Total long-term incentive compensation$2,686 $16,202 
The stock compensation related income tax benefit, excluding consideration of valuation allowances, recognized by the Company in 2023 and 2022 was $5.0 million and $3.1 million, respectively.
The valuation allowances associated with these tax benefits were $5.0 million in 2023 compared to $3.1 million in 2022.
Equity Awards
Restricted Stock Units
During 2023, the Company granted restricted stock units ("RSUs") under the Second Amended and Restated Express, Inc. 2018 Incentive Compensation Plan (the "Plan"). The fair value of RSUs is generally determined based on the Company’s closing stock price on the day prior to the grant date in accordance with the Plan. The RSUs
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granted generally vest ratably over one to three years and the expense related to these RSUs is recognized using the straight-line attribution method over this vesting period.
The Company's activity with respect to RSUs for 2023 was as follows:
Number of
Shares
Grant Date
Weighted Average
Fair Value 
(in thousands, except per share amounts)
Unvested, January 28, 2023
87 $45.38 
Granted1 $22.80 
Vested(81)$44.39 
Forfeited(5)$59.98 
Unvested, February 3, 2024
2 $44.70 
The total fair value of RSUs that vested during 2023 and 2022 was $3.6 million and $5.4 million, respectively. As of February 3, 2024, there was approximately $0.1 million of total unrecognized compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 1.2 years.
Stock Options
During 2023, the Company did not grant stock options. The expense for stock options is recognized using the straight-line attribution method.
The Company's activity with respect to stock options during 2023 was as follows:
Number of
Shares
Grant Date
Weighted Average
Exercise Price
Weighted-Average Remaining Contractual Life
(in years)
Aggregate Intrinsic Value
(in thousands, except per share amounts and years)
Outstanding, January 28, 2023
143 $96.86 
Granted $ 
Exercised $ 
Forfeited or expired(122)$64.63 
Outstanding, February 3, 2024
21 $279.49 2.0$ 
Expected to vest at February 3, 2024
 $ 0.0$ 
Exercisable at February 3, 2024
21 $279.49 2.0$ 
As of February 3, 2024, there was no unrecognized compensation expense related to stock options.
The Company uses the Black-Scholes-Merton option-pricing model to value stock options granted to employees and directors. The Company's determination of the fair value of stock options is affected by the Company's stock price, as well as a number of subjective and complex assumptions. These assumptions include the risk-free interest rate, the Company's expected stock price volatility over the term of the awards, expected term of the award, and dividend yield. There were no stock options issued or exercised in 2023 or 2022.
Performance-Based Restricted Stock Units
During 2022, the Company granted performance-based RSUs to a limited number of senior executive-level employees, which entitle these employees to receive a specified number of shares of the Common Stock upon vesting based upon the achievement of certain performance conditions. The number of shares of Common Stock earned could range between 0% and 200% of the target amount of shares underlying the award depending upon performance achieved over a three-year vesting period. The performance conditions of the awards include adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") targets and the Company's total shareholder return ("TSR") relative to a select group of peer companies. A Monte Carlo valuation model was used to determine the fair value of the awards. The TSR performance condition is a market condition. Therefore, the fair
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value of the portion of the awards which vest based on the TSR performance condition is fixed at the measurement date and is not revised based on actual performance during the three-year vesting period. The number of shares of Common Stock underlying the portion of the awards which vest based on the Company’s Adjusted EBITDA performance in relation to the pre-established targets will change during the three-year vesting period based on estimates.
During 2023, as a material inducement to accept employment with the Company, the Company granted its new Chief Executive Officer an award consisting of 0.15 million performance-based RSUs. The RSUs will become eligible to vest (with a maximum payout of 200% of target) on the last day of fiscal year 2026 based on the Company’s average stock price performance, relative to a pre-determined goal, during the period between the grant date and the last day of fiscal year 2026. A Monte Carlo valuation model was used to determine the fair value of the inducement award. Because the stock price performance condition is a market condition, the fair value of the award is measured and fixed at the grant date and is not revised based on actual performance during the performance period.
As of February 3, 2024, $0.4 million of total unrecognized compensation cost is expected to be recognized on outstanding performance-based RSUs over a remaining weighted-average period of 3.0 years.
Cash-Settled Awards
Time-Based Cash-Settled Awards
During 2023, the Company granted time-based cash-settled awards to employees that vest ratably over three years. These awards are classified as liabilities and do not vary based on changes in the Company's stock price or financial performance. The expense related to these awards will be accrued using a straight-line method over this vesting period. As of February 3, 2024, $7.3 million of total unrecognized compensation cost is expected to be recognized on outstanding cash-settled awards over a weighted-average period of 1.3 years.
Performance-Based Cash-Settled Awards
During 2023, the Company granted performance-based cash-settled awards to a limited number of senior executive-level employees. These awards are classified as liabilities, are valued based on the fair value of the award at the grant date and are remeasured at each reporting date until settlement with compensation expense being recognized in proportion to the completed requisite service period up until date of settlement. The amount of cash earned ranges between 0% and 200% of the target amount depending upon performance achieved over a three-year performance period commencing on the first day of the Company’s 2023 fiscal year and ending on the last day of the Company’s 2025 fiscal year. The performance conditions of the award include Adjusted EBITDA targets and the Company's TSR relative to a select group of peer companies. The fair value of the awards will change based on estimates of the Company’s Adjusted EBITDA performance in relation to the pre-established targets. A Monte Carlo valuation model was used to determine the fair value of the awards. As of February 3, 2024, $0.5 million of total unrecognized compensation cost is expected to be recognized on outstanding performance-based cash-settled awards over a remaining weighted-average period of 2.2 years.

NOTE 11 | EARNINGS PER SHARE
The following table provides a reconciliation between basic and diluted weighted-average shares used to calculate basic and diluted earnings per share. All shares of Common Stock in the table below have been retrospectively restated to reflect the effect of the reverse stock split:
20232022
(in thousands)
Weighted-average shares - basic3,731 3,402 
Dilutive effect of stock options and restricted stock units 51 
Weighted-average shares - diluted3,731 3,453 
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Equity awards representing 0.2 million shares of Common Stock were excluded from the computation of diluted earnings per share for both 2023 and 2022, respectively, as the inclusion of these awards would have been anti-dilutive.
Additionally, for 2023, equity awards representing 0.2 million shares of Common Stock were excluded from the computation of diluted weighted average shares because the number of shares of Common Stock that will ultimately be issued is contingent on the Company's performance compared to pre-established performance goals which have not been achieved as of February 3, 2024.

NOTE 12 | RETIREMENT BENEFITS
The employees of the Company, if eligible, participate in a qualified defined contribution retirement plan (the “Qualified Plan”) sponsored by the Company.
Participation in the Company's Qualified Plan is available to employees who meet certain age and service requirements. The Qualified Plan permits employees to elect contributions up to the lesser of 15% of their compensation or the maximum limits allowable under the Internal Revenue Code. The Company matches employee contributions according to a predetermined formula. Employee contributions and Company matching contributions vest immediately.
Total expense recognized related to the Qualified Plan employer match was $4.3 million and $3.8 million in 2023 and 2022, respectively.

NOTE 13 | COMMITMENTS AND CONTINGENCIES
As a result of the Chapter 11 Cases, substantially all proceedings then pending against the Debtors were stayed by operation of Section 362(a) of the Bankruptcy Code.

In accordance with applicable accounting standards, the Company establishes an accrued liability for loss contingencies related to legal proceedings when the loss is both probable and reasonably estimable. As of February 3, 2024, the Company's Consolidated Balance Sheet includes an estimated liability based on its best estimate of the outcome of the unresolved matters.

NOTE 14 | SUBSEQUENT EVENTS
NYSE Delisting and Suspension of SEC Reporting Obligations

On March 6, 2024, trading in the Common Stock on the NYSE was suspended after market close. On March 14, 2024, the NYSE filed its notification of removal from listing (Form 25) with the SEC. On April 24, 2024, following the filing of post-effective amendments to outstanding registration statements to remove unsold securities, the Company filed a Form 15 with the SEC to terminate the registration of the Common Stock under Section 12(g) of the Exchange Act, and to suspend its duty to file reports pursuant to Section 15(d)(1) of the Exchange Act.

Chapter 11 Cases
On April 22, 2024, the Debtors filed the Chapter 11 Cases in the Bankruptcy Court. The Chapter 11 Cases are being jointly administered under the caption “In re: Express, Inc., et al.” (Case No. 24-10831).

Potential Claims

We filed with the Bankruptcy Court schedules and statements setting forth, among other things, the assets and liabilities of us and each of our Debtor subsidiaries, subject to the assumptions filed in connection therewith. Certain holders of pre-petition claims that are not governmental units were required to file proofs of claim by the deadline for general claims, which was set by the Bankruptcy Court as July 10, 2024. Governmental units were required to file proof of claims by October 22, 2024, the deadline that was set by the Bankruptcy Court.

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As of December 11, 2024, the Debtors had received approximately 1,745 proofs of claim, approximately 83% of which represent general unsecured claims, for an aggregate amount of approximately $686.7 million. We will continue to evaluate these claims throughout the Chapter 11 process and recognize or adjust amounts in the financial statements as necessary using the best information available at such time. Differences between amounts scheduled by us and claims by unsecured creditors will ultimately be reconciled and resolved in connection with the claims resolution process. In light of the expected number of creditors, the claims resolution process may take considerable time to complete.

Debtor-in-Possession Financing

In order to administer the Chapter 11 Cases, operate the Debtors’ business in the ordinary course during the pendency of the Chapter 11 Cases and facilitate the marketing and consummation of the Sale Transaction, the Company obtained $214.0 million of DIP Facilities, consisting of (a) the Second Lien New Money DIP Term Loans and (b) a roll-up of (i) the Second Lien DIP Term Roll-Up Loans, and (ii) the First Lien DIP ABL Roll-Up Loans.

Refer to Note 8 for further discussion of the DIP Facilities.

Key Developments in the Chapter 11 Cases

Through the Chapter 11 process, the Debtors sought to implement a going-concern sale transaction. On April 21, 2024, the Company received a non-binding letter of intent from Phoenix JV for the potential acquisition of a substantial portion of the Company’s assets and the assumption of leases on a minimum of 280 stores for aggregate cash consideration in the amount of $10.0 million plus 100% of the net orderly liquidation value of acquired merchandise, in addition to the assumption of the applicable liabilities. On May 22, 2024, the Debtors entered the Purchase Agreement with the Phoenix JV. The Purchase Agreement provided for a total purchase price of approximately $172.0 million, consisting of approximately $134.0 million in cash consideration and $38.0 million of assumed liabilities. On June 14, 2024, the Bankruptcy Court entered an order approving the Purchase Agreement and the Sale Transaction. The Sale Transaction was successfully consummated on June 21, 2024. Pursuant to the Sale Transaction, 403 leases for Express stores, 50 leases for Bonobos stores and the lease for the Company’s corporate headquarters in Columbus, Ohio, were assigned to and assumed by the Phoenix JV.

Additionally, through the Chapter 11 process, the Debtors provided notice of and completed rejection of 118 unexpired leases in accordance with the procedures approved by the Bankruptcy Court.

On December 17, 2024, the Bankruptcy Court confirmed the Plan. Pursuant to the Plan, proceeds from the Sale Transaction and the disposition of the Debtors’ remaining assets will be distributed to eligible claim holders, in order of priority, after which each of the Debtors’ estates will be wound down. The Company anticipates that the Plan will go effective on or about December 31, 2024. As of the date of this Form 10-K, the Company and the other Debtors no longer have any operations, other than those relating to the wind-down process provided in the Plan.

Refer to Note 1 for further discussion on the Chapter 11 claims process.

CARES Act

The CARES Act, enacted on March 27, 2020, includes several provisions that impact us, including (a) the establishment of a five-year carryback of net operating losses originating in the tax years 2018, 2019 and 2020, (b) temporarily suspending the 80% limitation on the use of net operating losses, (c) relaxing limitation rules on business interest deductions, and (d) retroactively clarifying that businesses may immediately write off certain qualified leasehold improvement property dating back to January 1, 2018. We carried back certain of our U.S. federal net operating losses to offset taxable income in the five-year carryback period as part of the CARES Act entitling us to a refund. On April 15, 2024, we received the CARES Act refund in the amount of approximately $49.0 million.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
None.

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ITEM 9A. CONTROLS AND PROCEDURES.
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) promulgated under the Exchange Act of 1934, as amended (the "Exchange Act")) that are designed to provide reasonable assurance that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable, and not absolute, assurance of achieving the desired control objectives. In reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the cost benefit relationship of possible controls and procedures.
Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation prior to filing this Form 10-K of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of February 3, 2024.
MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external reporting purposes in accordance with generally accepted accounting principles. We conducted an evaluation of the effectiveness of our internal control over financial reporting based on Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
Management assessed the effectiveness of the Company's internal control over financial reporting as of February 3, 2024. In making this assessment, we used the criteria set forth by COSO. Based on our assessment, management concluded that, as of February 3, 2024, the Company's internal control over financial reporting was effective.
Management has excluded Bonobos from its assessment of internal control over financial reporting as of February 3, 2024, because it was acquired by the Company in a purchase business combination during 2023. Bonobos' total assets and total revenues represent approximately 7% and 8%, respectively, of our total assets and total revenues, as of and for the fifty-three weeks ended February 3, 2024.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fourth quarter of 2023 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION.
Insider Trading Arrangements

During the quarterly period ended February 3, 2024, none of our directors or officers subject to Section 16 of the Exchange Act adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act and/or any “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K).
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ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
Not Applicable.

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PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
Board of Directors
The name and age of each member of the Board of Directors (the “Board”), their positions held with the Company (if any) and other biographical information as of December 30, 2024 is set forth below.

Michael Archbold, age 64, joined the Board in January 2012. Mr. Archbold served as Chief Executive Officer of GNC Holdings, Inc. from August 2014 until July 2016 and also served as a director on the board of GNC Holdings, Inc. Prior to that, he was the Chief Executive Officer of The Talbots Inc. from August 2012 until June 2013 and also served as a director on the board of The Talbots Inc. Prior to that, Mr. Archbold served as President and Chief Operating Officer of Vitamin Shoppe, Inc. from April 2011 until June 2012, and prior to that as its Executive Vice President, Chief Operating Officer, and Chief Financial Officer from April 2007. Mr. Archbold served as Executive Vice President / Chief Financial and Administrative Officer of Saks Fifth Avenue from 2005 until 2007. From 2002 until 2005 he served as Chief Financial Officer for AutoZone, Inc., originally as Senior Vice President, and later as Executive Vice President. Mr. Archbold is an inactive certified public accountant and has 20 years of financial experience in the retail industry. Mr. Archbold currently serves on the Board of the Council for Inclusive Capitalism with The Vatican, on the Advisory Board for the Dolan School of Business at Fairfield University, and as the Program Director for the CFO Council: Fortune 250 at The Conference Board. We believe that Mr. Archbold’s experience in the areas of accounting, finance and capital structure; risk management; retail merchandising and operations; business development and strategic planning; and investor relations, as well as his prior executive leadership of complex organizations, qualifies him to serve on the Board.

Terry Davenport, age 66, joined the Board in November 2016. Mr. Davenport served as Global Brand Advisor for Starbucks Coffee Company from February 2014 until he retired in October 2017. Mr. Davenport spent the last ten years of his career at Starbucks Coffee Company. Prior to serving as Global Brand Advisor, his roles at Starbucks included: Senior Vice President of Global Creative Studios, Senior Vice President of Marketing and Category for Europe, Middle East, and Africa (EMEA), and Senior Vice President of Marketing for the U.S. He originally joined Starbucks as Vice President of Brand Strategy and Consumer Insights in October 2006. Prior to joining Starbucks, Mr. Davenport held senior brand leadership roles with YUM! Brands, PepsiCo., and Omnicom Agencies. Mr. Davenport is currently a strategic advisor and consultant for various enterprises on consumer, strategy, and brand related matters. We believe that Mr. Davenport’s past experience with target customers and in the areas of consumer brand marketing and advertising; e-commerce and omni-channel retailing; retail merchandising and operations; business development and strategic planning; international operations; and environmental, social and governance (“ESG”) matters qualifies him to serve on the Board.

Stewart Glendinning, age 59, joined the Board in September 2023 and has served as Chief Executive Officer of the Company since September 2023. Prior to his current role, he served as Group President, Prepared Foods of Tyson Foods and before that as Executive Vice President and Chief Financial Officer of Tyson. Previously, he was President and Chief Executive Officer of Molson Coors International. He began his career at Molson Coors in 2005 as Chief Financial Officer for Molson Coors UK and subsequently held the positions of Chief Financial Officer for Molson Coors Brewing, President and Chief Executive Officer of the UK Business, and President and Chief Executive Officer of Molson Coors Canada. Mr. Glendinning currently serves on the Board of Directors of The North West Company and has served with various organizations within the U.S. Naval Reserve. We believe that Mr. Glendinning’s past executive leadership, coupled with his extensive experience in the consumer products industry and in the areas of worldwide financial planning, finance and accounting, qualify him to serve on the Board.

Karen Leever, age 60, joined the Board in August 2016. Ms. Leever is the Chief Product Officer of Fetch Pet Insurance, a role she has held since October 2024. Prior to that, Ms. Leever served as the Chief Operating Officer since January 2022. Prior to that, Ms. Leever served as President, US Digital Products and Marketing, for Discovery Communications from 2018 to 2021, and as Executive Vice President and General Manager, Digital Media of Discovery Communications from 2015 to 2018. Prior to joining Discovery Communications, she spent ten years with DIRECTV, and held several roles, including Senior Vice President, Digital and Direct Sales from 2013 to 2015,
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Senior Vice President of Digital Marketing and Media in 2012, and Senior Vice President of directv.com and Customer Communications in 2011. Additionally, Ms. Leever served as Vice President, Marketing at Kmart Corporation during 2005 and as Divisional Vice President, eCommerce from 2004 until 2005. Earlier in her career, she spent more than a decade in electronic television retailing at HSN and QVC, overseeing website design, messaging, pricing, and programming strategies. We believe that Ms. Leever’s technology development and management experience as well as her experience with target customers and in the areas of e-commerce and omni-channel retailing; data analytics; business development and strategic planning; retail merchandising and operations; and leadership development and succession planning, qualify her to serve on the Board.

Patricia E. Lopez, age 63, joined the Board in February 2022. Ms. Lopez most recently served as Chief Executive Officer and as a member of the Board of Directors of High Ridge Brands Co., a Clayton, Dubilier & Rice Company, from 2017 until April 2020. Before joining High Ridge Brands Co., Ms. Lopez served as Senior Vice President of The Estée Lauder Companies Inc. from 2015 until 2016 and Chief Marketing Officer of Avon Products, Inc. from 2012 until 2015. Prior to that, Ms. Lopez worked for The Procter & Gamble Company from 1983 to 2012, where she held various roles in Latin America and the United States before ultimately serving as Vice President and General Manager of Eastern Europe in Russia. Ms. Lopez currently serves as a director of Domino’s Pizza, Inc., Aramark and Virtue Labs, and previously served as a director of Acreage Holdings, Inc. from May 2021 to June 2023. We believe that Ms. Lopez’s experience with target customers, past executive leadership of complex organizations and experience in the areas of consumer brand marketing and advertising; business development and strategic planning; corporate governance and public company board practices; international operations; and retail merchandising qualify her to serve on the Board.

Mylle Mangum, age 76, joined the Board in August 2010 and serves as Board Chair. Ms. Mangum is the Chief Executive Officer of IBT Holdings, LLC, a position she has held since October 2003. Prior to that, Ms. Mangum served as Chief Executive Officer of True Marketing Services, LLC since July 2002. She served as Chief Executive Officer of MMS Incentives, Inc. from 1999 to 2002. From 1997 until 1999, she served as President-Global Payment Systems and Senior Vice President-Expense Management and Strategic Planning for Carlson Wagonlit Travel, Inc. From 1992 until 1997 she served as Executive Vice President-Strategic Management for Holiday Inn Worldwide. Ms. Mangum was previously employed with BellSouth Corporation as Director-Corporate Planning and Development from 1986 to 1992 and President of BellSouth International from 1985 to 1986. Prior to that, she was with the General Electric Company. Ms. Mangum previously served as a director of Emageon, Inc., Scientific-Atlanta, Inc., Respironics, Inc., and PRGX Global, Inc. Ms. Mangum currently serves as a director of Barnes Group Inc. and Haverty Furniture Companies, Inc. We believe that Ms. Mangum’s prior executive leadership of complex organizations, combined with her experience in the areas of business development and strategic planning; corporate governance and public company board practices; leadership development and succession planning; international and franchise operations; accounting, finance, and capital structure; and executive compensation, qualify her to serve on the Board.

Satish Mehta, age 60, joined the Board in December 2022. Mr. Mehta has served as Chief Technology Officer of Chewy, Inc. since June 2018. From July 2017 to June 2018, Mr. Mehta served as Vice President—Data and Analytics Solutions for UnitedHealth Group. Prior to that, Mr. Mehta served in various capacities at Staples Inc., including serving as their Vice President, Price—Data & Analytics, Omni-Channel and Innovation Labs from January 2014 to July 2017. Mr. Mehta’s experience also includes over eight years of service, from November 2005 to January 2014, at Yahoo!, in various positions including as their Senior Director, Global Data and Ad Tech. We believe that Mr. Mehta’s technology development and management experience, as well as his experience with target customers and in the areas of data analytics; risk management; supply chain; consumer brand marketing; and e-commerce and omni-channel retailing, qualify him to serve on the Board.

Peter Swinburn, age 71, joined the Board in February 2012. Mr. Swinburn served as Chief Executive Officer and President of Molson Coors Brewing Company from July 2008 until he retired in December 2014. He also served as a director on the board of Molson Coors Brewing Company and MillerCoors Brewing Company from July 2008 until his retirement. Prior to that, he was Chief Executive Officer of Coors (U.S.) and from 2005 until October 2007, Mr. Swinburn served as President and Chief Executive Officer of Molson Coors Brewing Company (UK) Limited. Prior to that, he served as President and Chief Executive Officer of Coors Brewing Worldwide and Chief Operating Officer of Molson Coors Brewing Company (UK) Limited following the Molson Coors Brewing Company’s acquisition of Molson Coors Brewing Company (UK) Limited in 2002 where he served until 2003. Mr. Swinburn currently serves on the Board of Directors of Driven Brands, Inc. and previously served as a director of Fuller, Smith & Turner PLC and of Cabela’s Inc. We believe that Mr. Swinburn’s prior executive leadership of complex organizations, combined
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with his experience in the areas of business development and strategic planning; consumer brand marketing and advertising; international operations; finance and capital structure; corporate governance and public company board practices; mergers and acquisitions; and executive compensation, qualify him to serve on the Board.

William Transier, age 70, joined the Board in April 2024. Mr. Transier is the founder and Chief Executive Officer of Transier Advisors, LLC, an independent advisory firm which, since 2015, has provided services to companies facing financial distress, suboptimal operational situations, turnaround, restructuring, transformation or in need of interim executive or board leadership. Prior to that, he was co-founder of Endeavour International Corporation, an international oil and gas exploration and production company. He served as non-executive Chairman of Endeavour's Board of Directors from December 2014 until November 2015. He served from September 2006 until December 2014 as Chairman, Chief Executive Officer, and President of Endeavour and as its Chairman and Co-Chief Executive Officer from its formation in February 2004 through September 2006. Prior to Endeavour, Mr. Transier served as Executive Vice President and Chief Financial Officer of Ocean Energy, Inc. and its predecessor, Seagull Energy Corporation from May 1996 to April 2003. Before his tenure with Ocean, Mr. Transier served in various roles including partner in the audit department and head of the Global Energy practice of KPMG LLP from June 1986 to April 1996. Mr. Transier currently serves on the Board of Directors of Helix Energy Solutions Group, Tupperware Brands Corporation, Altera Infrastructure Holdings and Steward Health Care. We believe that Mr. Transier’s experience in the areas of audit/accounting and financial reporting combined with his extensive professional background advising or working for companies in financial distress qualifies him to serve on the Board.

The Board is divided into three classes of directors, with only one class of directors being elected in each year and each class serving a three-year term. The term of office of our Class I directors (Messrs. Archbold, Glendinning, Mehta and Swinburn) expires at our 2026 annual meeting of shareholders. The term of office of our Class II directors (Mmes. Lopez and Mangum) expires at our 2024 annual meeting of shareholders. The term of office of our Class III directors (Messrs. Davenport and Transier and Ms. Leever) expires at our 2025 annual meeting of shareholders. We do not expect to hold an annual meeting of shareholders in 2024.

The Plan provides that once effective, all directors of the Company will be discharged from the Board, ceasing to be directors, without any further action.

Executive Officers
The names, ages, positions, and a brief account of the business experience of the individuals who served as executive officers of the Company as of December 30, 2024 is set forth below:

Stewart Glendinning, age 59, is our Chief Executive Officer. His biography can be found above under “Board of Directors” above.

Mark Still, age 47, was appointed Senior Vice President and Chief Financial Officer effective as of April 21, 2024. Prior to that, Mr. Still was appointed Interim Chief Financial Officer and Treasurer in November 2023, in addition to his role as Senior Vice President, Brand Finance and Merchandise Planning & Allocation which he had held since January 2023. Prior to that, Mr. Still served in various finance roles at the Company with increasing levels of responsibility for more than 18 years.

Our executive officers are appointed by the Board and serve until their successors have been duly elected and qualified or their earlier resignation or removal. There are no family relationships among any of our directors or executive officers.

Code of Conduct
Our Code of Conduct sets forth the ethical standards, legal requirements, and other policies we expect our directors, officers, and associates to comply with at all times. The Company will provide to any person without charge a copy of the Code of Conduct, upon request by mail delivered to Express, Inc., 1 Express Drive, Columbus, OH 43230.

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ITEM 11. EXECUTIVE COMPENSATION.
As a “smaller reporting company” as defined in Regulation S-K under the Securities Act, we have opted to provide compensation information pursuant to the scaled disclosure rules applicable to smaller reporting companies. Under these rules, we are required to provide only a Summary Compensation Table and table of Outstanding Equity Awards at Fiscal Year-End, as well as specified narrative disclosures regarding executive compensation for the 2023 fiscal year.

For the 2023 fiscal year, our named executive officers (“NEOs”) and their positions were as follows:

NamePosition (as of February 3, 2024)
Stewart GlendinningChief Executive Officer
Mark Still1
Interim Chief Financial Officer and Treasurer
Sara Tervo2
Executive Vice President and Chief Marketing Officer
Timothy Baxter Former Chief Executive Officer
Matthew Moellering Former President and Chief Operating Officer
Malissa Akay3
Former Executive Vice President and Chief Merchandising Officer
1.Mr. Still was appointed Interim Chief Financial Officer and Treasurer, effective November 17, 2023, in addition to continuing to serve in his then-current role as Senior Vice President, Brand Finance and Planning & Allocation. On and effective as of April 21, 2024, prior to the commencement of the Chapter 11 Cases, the Company appointed Mr. Still as Senior Vice President and Chief Financial Officer.
2.Ms. Tervo’s employment with the Company ended July 12, 2024.
3.Ms. Akay’s employment with the Company ended July 14, 2023.

Fiscal Year 2023 Summary Compensation Table
The following table shows the compensation earned by our NEOs during the fiscal years ended February 3, 2024, January 28, 2023, and January 29, 2022 referred to as 2023, 2022, and 2021, respectively.

Name and Principal PositionYearSalary ($)
Bonus ($)1
Stock Awards ($)2
Option Awards ($)
Non-Equity Incentive Plan Compensation ($)3
Non-Qualified Deferred Compensation Earnings ($)4
All Other Compensation ($)5
Total ($)
Stewart Glendinning2023524,4231,000,000471,7357101,996,868
Chief Executive Officer6
Mark Still2023375,096179,87415,581570,551
Senior Vice President, Interim Chief Financial Officer and Treasurer6
Sara Tervo2023642,115279,56019,925941,600
Executive Vice President and Chief Marketing Officer2022622,500162,893382,783548,38013,7831,730,339
2021600,000271,226350,000900,00013,1292,134,355
Timothy Baxter2023851,5381,677,359544,6893,073,586
Former Chief Executive Officer6
20221,262,500977,3582,296,6933,154,20026,8357,717,586
20211,000,000927,3582,100,0022,600,000324,3706,951,730
Matthew Moellering2023228,846872,01915,9961,116,861
Former President and Chief Operating Officer6
2022843,750465,4091,093,6641,482,80013,4613,899,084
2021825,000503,325999,9991,485,00013,3183,826,642
Malissa Akay2023346,154359,434550,4861,256,074
Former Executive Vice President and Chief Merchandising Officer6
2022743,750209,434492,149697,50014,4302,157,263
2021725,000331,309450,0001,087,50013,4662,607,275
1.For 2023, reflects the cash payment that our NEOs (except for Mr. Glendinning) received on April 15, 2023 in relation to the time-based restricted cash awards granted to them on March 24, 2020, March 25, 2021, and March 24, 2022.
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Additionally, for Mr. Moellering, who retired from the Company effective as of May 5, 2023, reflects a pro rata cash payment in the amount of $73,277 in respect of unvested time-based restricted cash awards granted to him in 2020, 2021 and 2022 which accelerated in connection with this retirement.
Mr. Glendinning joined the Company in September 2023 and therefore did not receive any such awards. The amount     shown for Mr. Glendinning reflects 50% of a $2,000,000 make-whole bonus paid to him on January 1, 2024.
For Mr. Still, the amount shown also reflects a cash retention bonus paid to him in the amount of $100,000.
2.Reflects the aggregate grant date fair value of awards granted in the applicable year. For 2023, the amount reflects the grant date fair value of 150,000 performance-based restricted stock units (“PSUs”) granted to Mr. Glendinning on October 15, 2023. The PSUs become eligible to vest (with a maximum payout of 200% of target) on January 30, 2027 based on the Company’s stock price performance over any 60 consecutive trading day period between October 15, 2023 and January 30, 2027, subject to Mr. Glendinning’s continued employment with the Company through the vesting date. In connection with the Plan, all outstanding equity interests in the Company will be cancelled as of its effective date; therefore, these PSUs will not vest and have no current value. During 2023, no other performance-based or time-based stock awards were granted to our NEOs.
3.No payouts were made to our NEOs under our annual incentive compensation program for 2023.
4.The Company does not sponsor any tax-qualified or non-qualified defined benefit retirement plans.
5.The amounts reported as All Other Compensation for each NEO during 2023 included the following:
Name
Executive Life
Insurance
($)a
Executive Disability
Insurance
($)b
Qualified
Retirement Plan
Company Match
($)c
Severance
($)d
Total ($)
Stewart Glendinning350 360 — — 710 
Mark Still314 647 14,620 — 15,581 
Sara Tervo529 865 18,531 — 19,925 
Timothy Baxter560 649 17,654 525,826 544,689 
Matthew Moellering238 288 15,469 — 15,995 
Malissa Akay315 433 16,085 533,654 550,487 
a.Amounts represent the annual premiums paid by the Company for executive life insurance.
b.Amounts represent the annual premiums paid by the Company for executive disability insurance.
c.The Company matches 100% of 401(k) deferrals, up to 4% of eligible compensation not in excess of the IRS Qualified Plan Maximum Compensation Limit.
d.Reflects the aggregate base salary and annual incentive compensation continuation benefits that Mr. Baxter and Ms. Akay are entitled to receive pursuant to the terms of their respective employment/severance agreement with the Company. The amount for Mr. Baxter also reflects a payment for monthly medical and dental care premium under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), in the amount of $1,403.
6.Mr. Glendinning joined the Company as Chief Executive Officer effective September 15, 2023. Mr. Still was appointed Interim Chief Financial Officer and Treasurer effective November 17, 2023. Mr. Baxter resigned as our Chief Executive Officer effective September 14, 2023. Mr. Moellering retired effective May 5, 2023. Ms. Akay’s employment with the Company ended as of July 14, 2023.
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Outstanding Equity Awards at Fiscal Year-End
The table below sets forth certain information regarding the outstanding equity awards held by each of our NEOs as of February 3, 2024.

Option AwardsStock Awards
NameNumber of
Securities
Underlying
Exercisable
Options
(#)
Number of
Securities
Underlying
Unexercisable
Options
(#)
Equity
Incentive
Plan
Awards:
Number of
Securities
Underlying
Unexercised
Unearned
Options
(#)
Option
Exercise
Price
($/
Share)
Option
Expiration
Date
Number
of Shares
or Units
of Stock
That Have
Not
Vested
(#)
Market
Value of
Shares
or
Units of
Stock
That
Have
Not
Vested
($)
Equity
Incentive
Plan
Awards:
Number of
Unearned
Shares,
Units or
Other Rights
That Have
Not Vested
(#)
Equity
Incentive
Plans:
Market or
Payout
Value
of Unearned
Shares,
Units or
Other Rights
That Have
Not Vested
($)3
Stewart Glendinning
150,000 1
751,500
Mark Still
Sara Tervo
2,4112
12,077
Timothy Baxter
Matthew Moellering
2,5072
12,560
2,221188.403/14/2027
1,026422.803/30/2026
963325.603/26/2025
1,166317.604/1/2024
Malissa Akay
1.Represents Mr. Glendinning’s inducement award of 150,000 PSUs that became eligible to vest (with a maximum payout of 200% of target) on the last day of fiscal 2026 based on the average stock price of the Company’s common stock over any 60 consecutive trading day period between October 15, 2023 and January 30, 2027. In connection with the Plan, all outstanding equity interests in the Company will be cancelled as of its effective date; therefore, these PSUs will not vest and have no current value.
2.Reflects the number of restricted stock units with performance-based vesting criteria granted in 2022 under the Second Amended and Restated Express, Inc. 2018 Incentive Compensation Plan (the “2018 Plan”) that would be earned at the threshold performance level. The number of performance-based restricted stock units that are actually earned will be determined based on the Company’s Adjusted EBITDA targets for the three-year period commencing on the first day of the Company’s 2022 fiscal year and ending on the last day of the Company’s 2024 fiscal year, compared to the performance goals established by the Committee. In connection with the Plan, all outstanding equity interests in the Company will be cancelled as of its effective date; therefore, these restricted stock units will not vest and have no current value.
3.Based on the February 2, 2024 closing stock price of $5.01.
Employment Agreements; Severance and Post-Employment Benefits
The following sets forth a description of the material terms of the employment agreement or severance agreement, as applicable between the Company and the respective named executive officer, as was in effect at the commencement of the Chapter 11 Cases (or if earlier, at the time of termination of the respective NEO's employment).

Stewart Glendinning
Pursuant to the Company’s employment agreement with Mr. Glendinning, which was entered into effective as of September 15, 2023, Mr. Glendinning (i) was entitled to receive an annual base salary equal to $1,350,000; and (ii) was eligible to participate in the Company’s annual incentive compensation plan at an annual target award amount
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of 150% of his base salary, pro-rated for service during any partial performance period; provided, however, that for the 12- month period beginning on September 15, 2023, Mr. Glendinning was entitled to receive an annual incentive award in an amount no less than his annual target award amount.

The employment agreement will terminate on the effective date of the Plan.

Matthew Moellering

Pursuant to the Company’s employment agreement with Mr. Moellering, as amended and restated, Mr. Moellering was entitled to (i) an annual base salary; (ii) short-term, performance-based cash incentive payment opportunities for each six-month operating season; (iii) equity-based compensation awards commensurate with his performance and position; and (iv) severance compensation depending on the factual circumstances. On September 23, 2019, a letter agreement was entered into with Mr. Moellering, pursuant to which he was (i) promoted to President and Chief Operating Officer; (ii) entitled to an annual base salary of $825,000 and a seasonal performance-based cash incentive target percentage of 90%; and (iii) beginning with the Company’s annual grant of long-term incentive awards in fiscal 2020, entitled to an annual long-term incentive compensation amount of $2,000,000.

As Mr. Moellering voluntarily retired effective as of May 5, 2023, he was not entitled to any salary or incentive compensation continuation benefits under his agreements.

Timothy Baxter

In connection with Mr. Baxter’s departure from the Company, the Company and Mr. Baxter entered into a separation agreement (the “Separation Agreement”) dated as of September 11, 2023. Pursuant to the terms and conditions of the Separation Agreement, and in exchange for a release of claims and Mr. Baxter’s continued compliance with the restrictive covenants set forth in the Separation Agreement, the Company agreed to pay Mr. Baxter: (i) an amount equal to 1.0 times his base salary ($1,350,000) payable in 12 substantially equal monthly installments commencing no later than 60 days following the date of termination; (ii) a lump sum amount equal to the actual annual incentive compensation he would have received, based on actual achievement, had he remained employed with the Company through the end of fiscal 2023, payable on the date on which annual incentive compensation for each such period is paid to executives generally; and (iii) if Mr. Baxter timely elects the continuation of coverage, an amount equal to the monthly medical and dental care plan premium under COBRA for a 12-month period, payable in 12 substantially equal monthly installments commencing no later than 60 days following the date of termination. In addition to the amounts described above, the Company also paid Mr. Baxter any earned but unpaid base salary as of the date of termination and reimbursed him for any and all monies advanced or expenses incurred through the date of termination. Mr. Baxter’s equity awards will vest as and to the extent provided for in the agreements related to those awards.

Other Severance Agreements

We entered into severance agreements with each of Ms. Akay and Ms. Tervo in September 2019 and with Mr. Still on and effective as of April 21, 2024 prior to the commencement of the Chapter 11 Cases. Each severance agreement provided that if the executive’s employment with the Company is terminated by the Company other than for “cause,” or by the executive for “good reason,” and the executive signs a general release, then the executive is entitled to receive her base salary and medical and dental benefits for up to one year following separation from the Company. Each executive was also entitled thereunder to receive the amount of cash incentive compensation that each would have otherwise received for the performance period in which the separation occurs. The severance agreements included customary restrictions with respect to the use of our confidential information and provide that all intellectual property developed or conceived by the executive while employed by us which relates to our business is Company property. Each executive also agreed not to (1) solicit any of our associates, (2) interfere with or harm any of our business relationships, or (3) participate (whether as an officer, director, employee, or otherwise) in any competitive business during the term of his or her employment and during the 12-month period immediately thereafter.

Ms. Akay’s employment with the Company was terminated without cause effective July 14, 2023. Pursuant to the terms of her severance agreement with the Company, she was entitled to receive her base salary and medical and dental benefits for up to one year following separation from the Company as well as the amount of cash incentive compensation that she would have otherwise received for the performance period in which the separation occurred.

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Ms. Tervo voluntarily resigned her employment with the Company effective July 12, 2024, and therefore, she was not entitled to any salary or incentive compensation continuation benefits under her severance agreement.

Mr. Still’s employment transferred to the Phoenix JV in connection with the Sale Transaction. Pursuant to the terms of the Plan, he was not entitled to any salary or incentive compensation continuation benefits under his severance agreement.

2023 Director Compensation Table
The following table sets forth information regarding compensation earned by each of our non-employee directors in fiscal year 2023. Employee directors receive no compensation for Board service.

Director
Fees Earned or Paid in Cash
($)1,4
Stock Awards
($)
Total
($)
Michael Archbold110,000110,000
Terry Davenport110,000110,000
Michael F. Devine2
Karen Leever90,00090,000
Patricia Lopez90,00090,000
Antonio Lucio3
67,50067,500
Mylle Mangum200,000200,000
Satish Mehta90,00090,000
Yehuda Shmidman
94,6075
14,9896
109,596
Peter Swinburn90,00090,000
1.These amounts do not represent the actual amounts paid to or received by the named director during fiscal year 2023. Historically, the Company granted its non-employee directors restricted stock units, but in an effort to conserve shares, the annual non-employee director retainer was granted on June 15, 2023 in the form of time-based restricted cash awards. Due to the Chapter 11 Cases, none of these time-based restricted cash awards vested.
2.Mr. Devine resigned from the Board effective February 27, 2023, and did not receive a time-based cash award.
3.Mr. Lucio resigned from the Board effective December 18, 2023, and forfeited his unvested time-based cash award.
4.Reflects amounts paid on December 28, 2023 for compensation earned in the first quarter of 2024 and does not include amounts paid in December 2022 for compensation earned in the first quarter of 2023.
5.Includes $14,607 paid to Mr. Shmidman on February 9, 2023 for Board services during a portion of the first quarter of 2023 after his appointment to the Board.
6.Reflects the aggregate grant date fair value of restricted stock units granted to Mr. Shmidman on February 15, 2023 in connection with his appointment to the Board. The restricted stock units vested on June 15, 2023. The grant date fair value was determined based on the assumptions and methodologies set forth in Note 10 to the Company’s consolidated financial statements included in this Form 10-K.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
Security Ownership
The following table sets forth information regarding beneficial ownership of our common stock as of December 10, 2024 for (1) each person who is known by us to own beneficially more than 5% of our common stock (a “5% shareholder”), (2) each director and named executive officer, and (3) all directors and current executive officers as a group.

Beneficial ownership, for purposes of the following table, is determined in accordance with the rules and regulations of the SEC. These rules generally provide that a person is the beneficial owner of securities if such person has or
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shares the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof, or has the right to acquire such powers within 60 days. Common stock issuable upon the exercise of options that are currently exercisable or exercisable within 60 days of December 10, 2024 and common stock issuable upon the vesting of restricted stock units within 60 days are deemed to be outstanding and beneficially owned by the person holding the options or restricted stock units, as applicable, for purposes of computing the percentage ownership of that person and any group of which that person is a member. These shares, however, are not deemed outstanding for the purposes of computing the percentage ownership of any other person. Percentage of beneficial ownership of our 5% shareholders is based on 3,746,725 shares of common stock outstanding. Percentage of beneficial ownership of our named executive officers and directors is based on 3,746,725 shares of common stock outstanding which are held by such named executive officer or director. Except as disclosed in the footnotes to the following table and subject to applicable community property laws, we believe that each beneficial owner identified in the following table possesses sole voting and investment power over all shares of common stock shown as beneficially owned by the shareholder. Unless otherwise indicated in the following table or footnotes below, the address for each beneficial owner is c/o Express, Inc., 1 Express Drive, Columbus, Ohio 43230. All share numbers reflect the 1-for-20 reverse stock split of our common stock on August 30, 2023.

Name and AddressShares Beneficially OwnedPercent of Stock Outstanding
5% Shareholders:
EXPWHP, LLC1
271,7397.3%
Royce & Associates, LP2
255,1716.8%
 
Named Executive Officers and Directors:
Stewart Glendinning*
Mark Still2,659*
Matthew Moellering3
*
Malissa Akay3
10,540*
Sara Tervo3
8,447*
Timothy Baxter3
39,7291.06%
Michael Archbold10,922*
Terry Davenport9,444*
Karen Leever9,539*
Patricia E. Lopez2,329*
Mylle Mangum14,183*
Satish Mehta1,427*
Peter Swinburn10,922*
William Transier*
All Directors and Current Executive Officers as a Group (10 persons)61,4251.64%
* Less than one percent.
1.Based on a Schedule 13D filed with the SEC on February 1, 2023 by Oaktree AIF (Cayman) GP Ltd., Oaktree Fund AIF Series (Cayman), L.P.—Series N., WH Topco, L.P., WH Holdco, LLC, WH Intermediate, LLC, WH Borrower, EXPWHP, LLC, Yehuda Shmidman, Thomas Casarella, Hank Sneddon, and Chris Pucillo (the “Affiliates”). WH Borrower is the parent and managing member of EXPWHP, LLC. Each of Messrs. Shmidman, Casarella, Sneddon and Pucillo, as a managing member of WH Borrower, WH Intermediate, LLC and WH Holdco, LLC, may be deemed the beneficial owner of such shares. The Affiliates, including EXPWHP, LLC, share voting and dispositive power over 5,434,783 shares. The address of EXPWHP, LLC is EXPWHP, LLC c/o WHP Global, LLC, 530 Fifth Avenue, 12 Floor, New York, NY 10036. The amounts set forth above are adjusted to reflect the 1-for-20 reverse stock split.
2.Based on a Schedule 13G filed with the SEC by Royce & Associates, LP (“Royce”) on January 23, 2024. Royce beneficially held sole voting and dispositive power over 255,171 shares. The address of Royce is 745 Fifth Avenue, New York, NY 10151.
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3.The shares of common stock reported in the table are based on the information available to the Company as of the respective individual’s last date of employment with the Company.

Securities Authorized for Issuance under Equity Compensation Plans
The following table summarizes share and exercise price information about our equity compensation plan as of February 3, 2024.

Number of securities to be issued upon exercise of outstanding options, warrants and rightsWeighted-average exercise price of outstanding options, warrants and rightsNumber of securities remaining available for future issuance under equity compensation plan (excluding securities reflected in column (a))
Plan Category(a)(b)(c)
Equity compensation plans approved by security holders229,247$279.49380,678
Equity compensation plans not approved by security holders
Total229,247$279.49380,678
The table above includes 206,144 restricted stock units (“RSUs”) with performance-based vesting conditions. The number of performance-based RSUs that are ultimately earned may vary from 0% to 200% of target depending on achievement relative to the predefined financial performance targets. The amounts in columns (a) and (c) reflected in the table are calculated assuming the target payout for all performance-based restricted stock units.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
Related Person Transactions
Under our current Related Person Transaction policy, a “Related Person Transaction” is any transaction, arrangement, or relationship between us or any of our subsidiaries and a Related Person where the amount involved exceeds $120,000 and the Related Person has or will have a direct or indirect material interest. A “Related Person” is any of our executive officers, directors, director nominees, any shareholder beneficially owning in excess of 5% of our stock or securities exchangeable for our stock, any immediate family member of any of the foregoing persons, and any firm, corporation, or other entity in which any of the foregoing persons is an executive officer, a partner or principal, or in a similar position, or in which such person has a 5% or greater beneficial ownership interest in such entity.
All Related Person Transactions must be approved or ratified by a majority of the disinterested directors on the Board or a designated committee thereof consisting solely of disinterested directors in accordance with our Related Person Transaction Policy. In approving any Related Person Transaction, the Board or the committee must determine that the transaction is on terms no less favorable in the aggregate than those generally available to an unaffiliated third-party under similar circumstances.

Since January 29, 2023, other than as described below, there has not been, and there is not currently proposed, any transaction or series of transactions to which we were or will be a participant in which the amount involved exceeded or will exceed $120,000 and in which any Related Person had or will have a direct or indirect material interest.

Strategic Partnership and Intellectual Property Joint Venture with WHP Global

In January 2023, we entered into a strategic partnership with WHP which included, among other transactions, the formation of an intellectual property joint venture (the “IP JV”) with WHP Global, a leading brand management firm (“WHP”), which was intended to scale the Express brand through new domestic category licensing and international expansion opportunities. The Company contributed certain intellectual property assets to the IP JV and retained a
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40% ownership in the IP JV. An affiliate of WHP purchased a 60% ownership interest in the JV. Yehuda Shmidman, Chief Executive Officer of WHP, was appointed to the Board in connection with the transactions, and served on the Board until his resignation on April 19, 2024.

Under the amended and restated limited liability agreement (“Operating Agreement”) governing the operations of the IP JV, cash earnings of the IP JV were distributed quarterly to the Company and WHP on a pro rata basis. The IP JV was managed by a board of managers controlled by an affiliate of WHP, subject to the Company’s right to approve certain actions by the IP JV. Distributions received by the Company from the IP JV during fiscal year 2023 totaled $22.4 million. The equity interests in the Joint Venture was sold pursuant to the Sale Transaction.

In addition, the Company was previously party to certain intellectual property agreements entered into in connection with the IP JV and the parties’ joint acquisition of menswear brand Bonobos, as further described below.

Intellectual Property License Agreement

The Company and the IP JV were party to an Intellectual Property License Agreement entered into January 25, 2023 (the “IP License Agreement”). The IP License Agreement provided the Company with an exclusive license in the United States to the intellectual property contributed to the IP JV and certain other intellectual property. The initial term of the IP License Agreement was 10 years, and the IP License Agreement automatically renewed for successive renewal terms of 10 years (unless the Company provided notice of non-renewal at least 24 months prior to the end of the initial or applicable renewal term). Except for the Company’s right not to renew the IP License Agreement, the IP License Agreement was not terminable by either party. The Company agreed to pay the IP JV a royalty on net sales of certain licensed goods and committed to an annual guaranteed minimum annual royalty during the term of the IP License Agreement (i.e., $60 million in the first contract year, increasing by $1 million per year for the next five contract years, and remaining at $65 million following the sixth contract year). The Company paid actual royalties at a rate of (i) 3.25% of net sales arising from retail sales of certain licensed goods in the first through the fifth contract years (and 3.5% thereafter), and (ii) 8% of net sales arising from wholesale sales of such goods.

Pursuant to the Sale Transaction, the IP License Agreement was transferred to EXPWHP, LLC.

Bonobos License Agreement

On May 23, 2023, in connection with their purchase of the Bonobos business from Walmart Inc. (the “Bonobos Transaction”), the Company and WHP Investments, LLC, an affiliate of WHP (“WHP Investments”) entered into a license agreement (the “Bonobos License Agreement”) that provided the Company with an exclusive license in the United States to intellectual property related to the Bonobos brand, including intellectual property rights for the Bonobos brand that was acquired by WHP Investments in connection with the Bonobos Transaction. The Bonobos License Agreement had an initial term of ten (10) years from the effective date, and automatically renewed for successive renewal terms of ten (10) years unless (i) the Company provided notice of non-renewal at least 24 months prior to the end of the initial or applicable renewal term, or (ii) WHP Investments exercised its right to not renew in the event of certain failures by the Company to pay the annual guaranteed minimum royalty. Except for such non-renewal rights, the Bonobos License Agreement was not terminable by either party. The Company paid WHP Investments a royalty on net sales of certain licensed goods and committed an annual guaranteed minimum royalty during the term of the Bonobos License Agreement (ranging from $6.5 million in the first contract year to $11.5 million in the tenth contract year and each contract year thereafter). The Company paid royalties at a rate of (i) 3.25% of net sales arising from retail sales of certain licensed goods in the first through the fifth contract years (and 3.5% thereafter), and (ii) 8% of net sales arising from wholesale sales of such goods.

Pursuant to the Sale Transaction, the Bonobos License Agreement was transferred to EXPWHP, LLC.

The foregoing descriptions of the Operating Agreement, the IP License Agreement and the Bonobos License Agreement are qualified in their entirety to the full text of the agreements, each of which are filed as exhibits to this Form 10-K.

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Director Independence
The Board determined that all of our directors, except for Mr. Glendinning and Mr. Shmidman (when he served as a director from January 25, 2023 to April 19, 2024), are “independent” based on the meaning of such term under the NYSE listing rules. (The Company is no longer subject to such listing rules following the delisting of its common stock from the NYSE on March 6, 2024.)

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.
Independent Registered Public Accounting Firm Fees and Services
The following table sets forth the aggregate fees billed to us by PricewaterhouseCoopers LLP, our independent auditor, in fiscal years 2023 and 2022:

Fees
Services Rendered20232022
Audit Fees1
$2,440,000$1,780,000
Audit-Related Fees2
90,000
Tax Fees60,000
All Other Fees3
4,5004,500
Total$2,504,500$1,874,500
1.Audit Fees for fiscal years 2023 and 2022 represent fees for professional services rendered by PricewaterhouseCoopers LLP in connection with the audit of our annual consolidated financial statements. In fiscal year 2022, this included fees associated with the transaction with WHP.
2.Audit-Related Fees for fiscal year 2022 represent fees related to potential financial reporting and SEC filing matters related to the transaction with WHP.
3.All Other Fees for fiscal years 2023 and 2022 represent subscription fees for software to assist management with its financial reporting obligations.
The Company has a policy that requires the Audit Committee, or the Audit Committee Chair under a limited delegation of authority from the Audit Committee, to pre-approve all audit and non-audit services to be provided by our independent auditor and to consider whether the provision of non-audit services is compatible with maintaining the independence of our independent auditor in deciding whether to approve non-audit services. Any pre-approvals made by the Audit Committee Chair under the limited delegation of authority are reported to the full Audit Committee at the next regularly scheduled meeting. All services performed by our independent auditor in fiscal years 2023 and 2022 were pre-approved in accordance with the policy. As a general matter, it is the Audit Committee’s preference that any non-audit services be provided by a firm other than our independent auditor absent special circumstances.

The Bankruptcy Court approved PricewaterhouseCoopers LLP as a post-petition audit service provider.



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PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
(a)    (1)   Consolidated Financial Statements
The following consolidated financial statements of Express, Inc. and its subsidiaries are filed as part of this report under Item 8. Financial Statements and Supplementary Data:
Report of Independent Registered Public Accounting Firm - PricewaterhouseCoopers, LLP
Consolidated Balance Sheets as of February 3, 2024 and January 28, 2023
Consolidated Statements of Income and Comprehensive Income for the years ended February 3, 2024 and January 28, 2023
Consolidated Statements of Changes in Stockholders' Equity for the years ended February 3, 2024 and January 28, 2023
Consolidated Statements of Cash Flows for the years ended February 3, 2024 and January 28, 2023
Notes to Consolidated Financial Statements
(2)   Financial Statement Schedules
Schedules have been omitted because they are not required or are not applicable or because the information required to be set forth therein either is not material or is included in the financial statements or notes thereto.
(3)   List of Exhibits
The following exhibits are either included in this report or incorporated by reference as indicated in the following:
EXHIBIT INDEX
Exhibit Number
Exhibit Description
Certificate of Incorporation of Express, Inc. (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-8 (File No. 333-168097), filed with the SEC on July 14, 2010).
Certificate of Amendment of Certificate of Incorporation of Express, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed with the SEC on June 11, 2013).
Certificate of Amendment to the Certificate of Incorporation of Express, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed with the SEC on September 1, 2023).
Amended and Restated Bylaws of Express, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed with the SEC on January 24, 2023).
Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-1/A (File No. 333-164906), filed with the SEC on April 30, 2010 (the "Express S-1")).
Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.2 to the Annual Report on Form 10-K, filed with the SEC on March 24, 2022).
Registration Rights Agreement, by and between Express, Inc. and WHP Borrower, LLC (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K, filed with the SEC on January 26, 2023).
Form of Amended and Restated Employment Agreement (incorporated by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q, filed with the SEC on June 6, 2013).
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Form of Amended and Restated Severance Agreement (incorporated by reference to Exhibit 10.5 to the Quarterly Report on Form 10-Q, filed with the SEC on June 6, 2013).
Form of Incentive Stock Option Agreement (incorporated by reference to Exhibit 10.11 to the Express S-1).
Form of Nonqualified Stock Option Agreement (incorporated by reference to Exhibit 10.17 to the Express S-1).
Form of Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.19 to the Express S-1).
Form of Restricted Stock Agreement (incorporated by reference to Exhibit 10.13 to the Express S-1).
Form of Stock Option Grant Agreement (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q, filed with the SEC on June 6, 2013).
Form of Performance Share Unit Agreement (incorporated by reference to Exhibit 10.3 to the Quarterly Report on Form 10-Q, filed with the SEC on June 6, 2013).
Form of Non-Qualified Stock Option Grant (incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the SEC on April 4, 2014).
Form of Restricted Stock Unit Agreement for Restricted Stock Units (incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the SEC on April 4, 2014).
Form of Restricted Stock Unit Agreement for Performance Stock Units (incorporated by reference to Exhibit 10.3 to the Form 8-K filed with the SEC on April 4, 2014).
Form of Indemnification Agreement (incorporated by reference to Exhibit 10.22 to the Express S-1
Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on January 5, 2012).
Second Amended and Restated $250,000,000 Asset-Based Loan Credit Agreement, dated as of May 20, 2015 among Express Holding, LLC, as Parent, Express, LLC, as Borrower, the Initial Lenders, Initial Issuing Bank and Swing Line Bank, Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent, U.S. Bank National Association, as Syndication Agent, and Wells Fargo Bank, National Association, as Sole Lead Arranger and Sole Bookrunner (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on May 27, 2015).
Form of Severance Agreement (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on July 7, 2015).
Form of Indemnification Agreement (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K, filed with the SEC on July 7, 2015).
Form of Restricted Stock Unit Agreement for Performance Stock Units (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on April 1, 2016).
Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on August 3, 2016).
Form of Restricted Stock Unit Agreement for Performance Stock Units (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on March 17, 2017).
Form of Second Amended and Restated Employment Agreement (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K, filed with the SEC on March 17, 2017).
Form of Amended and Restated Severance Agreement (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K, filed with the SEC on March 17, 2017).
Second Amended and Restated Express, Inc. 2010 Incentive Compensation Plan (incorporated by reference to Appendix B to Express, Inc.'s definitive proxy statement on Schedule 14A, filed with the SEC on April 28, 2017).
Form of Restricted Stock Unit and Other Cash-Based Award Agreement (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on April 6, 2018).
Form of Restricted Stock Unit Agreement for Directors (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on June 14, 2018).
Form of Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on March 21, 2019).
Form of Other Cash-Based Award Agreement (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K, filed with the SEC on March 21, 2019).
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First Amendment to Second Amended and Restated $250,000,000 Asset-Based Loan Credit Agreement and First Amendment to Amended and Restated Security Agreement, dated as of May 24, 2019, among Express Holding, LLC, as Parent, Express, LLC, as Borrower, the subsidiary guarantors party thereto, the lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent, as Collateral Agent, as Issuing Bank and as Swingline Bank (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on May 30, 2019).
Form of Express, Inc. Employment Inducement Award Agreement of Non-qualified Stock Options (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q, filed with the SEC on September 10, 2019).
Form of Express, Inc. Employment Inducement Award Agreement of Restricted Stock Units (incorporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q, filed with the SEC on September 10, 2019).
Form of License Agreement. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC April 13, 2023).
Letter Agreement, dated as of September 23, 2019, between Express, Inc. and Matt Moellering (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on September 23, 2019).
Second Amended and Restated Express, Inc. 2018 Incentive Compensation Plan (incorporated by reference to Exhibit 99.1 to the Registration Statement on Form S-8, filed with the SEC on June 15, 2020).
$140,000,000 Asset-Based Term Loan Agreement, dated January 13, 2021 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on January 13, 2021).
Second Amendment to the Second Amended and Restated $250,000,000 Asset-Based Loan Credit Agreement, dated January 13, 2021 incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on January 13, 2021).
Employment Agreement by and among Express, Inc., Express LLC and Timothy Baxter, dated effective June 18, 2022 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on June 17, 2022).
First Amendment to Asset-Based Term Loan Agreement and First Amendment to Security Agreement, dated November 23, 2022 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on November 28, 2022).
Third Amendment to Second Amended and Restated Asset-Based Loan Credit Agreement and First Amendment to Second Amended and Restated Security Agreement, dated November 23, 2022 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K, filed with the SEC on November 28, 2022).
Investment Agreement, by and between Express, Inc. and WH Borrower, LLC, dated December 8, 2022 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K/A filed with the SEC on December 9, 2022).
Membership Interest Purchase Agreement by and among Express, Inc., WH Borrower, LLC and Express, LLC, dated December 8, 2022 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K/A filed with the SEC on December 9, 2022).
Special Cash Business Continuity Award Agreement, by and between Express LLC and Jason Judd, dated effective January 19, 2023.
Amended Revolving Credit Facility, by and among Express, Inc., Express Topco LLC, Express Holding, LLC, Express, LLC, Express Fashion Investments, LLC and the other loan parties signatory thereto, Wells Fargo Bank, National Association, as administrative agent and collateral agent, and the other lenders named therein, dated January 25, 2023 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on January 26, 2023).
Operating Agreement, by and among Express, LLC, Express Fashion Investments, LLC, Exp Topco, LLC and EXPWHP, LLC, dated January 25, 2023 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on January 26, 2023).
Intellectual Property License Agreement, by and between Express, Inc. and EXP Topco LLC (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed with the SEC on January 26, 2023).
License Agreement, by and between Express, Inc. and WHP Investments, LLC, dated May 23, 2023 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on May 24, 2023).
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Form of Other Cash-Based Award Agreement (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q filed with the SEC on June 8, 2023).
Term Loan Agreement, by and among Express, Inc., Express, LLC, certain other direct or indirect, wholly-owned subsidiaries of Express, Inc., ReStore Capital LLC, as administrative agent, collateral agent and lender, and the other lenders from time to time party thereto, dated as of September 5, 2023 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on September 6, 2023).
Fifth Amendment to Second Amended and Restated Asset-Based Loan Credit Agreement, by and among Express, Inc., Express, LLC, certain other direct or indirect, wholly-owned subsidiaries of the Company, Wells Fargo Bank, National Association, as administrative agent and collateral agent, and the lenders party thereto, dated as of September 5, 2023 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on September 6, 2023).
Separation Agreement, dated as of September 11, 2023, by and between Express, Inc., Express, LLC and Timothy Baxter (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on September 11, 2023).
Employment Agreement, dated September 6, 2023, by and among Express, Inc., Express, LLC and Stewart Glendinning (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on September 11, 2023).
Form of Employment Inducement Award Agreement (Performance-Based Restricted Stock Units) (incorporated by reference to Exhibit 99.1 to the Form S-8, filed with the SEC on October 11, 2023).
List of subsidiaries of registrant.
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Certification of Principal Financial Officer and Principal Executive Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Express, Inc. Clawback Policy
101.INS*Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH*Inline XBRL Taxonomy Extension Schema Document.
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
+
Indicates a management contract or compensatory plan or arrangement.
*Filed herewith.
(b)          Exhibits
The exhibits to this report are listed in section (a)(3) of Item 15 above.
(c)          Financial Statement Schedules
None.

ITEM 16. FORM 10-K SUMMARY.
Not applicable.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date:December 30, 2024EXP OldCo Winddown, Inc.
By:/s/ Mark Still
Mark Still
Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)


























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POWER OF ATTORNEY
 
KNOW ALL PERSONS BY THESE PRESENTS, that each of the undersigned constitutes and appoints Mark Still as attorney-in-fact and agent, with full power of substitution and re-substitution, for and in the name, place and stead of the undersigned, in any and all capacities, to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto and all other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as the undersigned might or could do in son, hereby ratifying and confirming all that said attorney-in-fact or substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Date:December 30, 2024By:/s/ Stewart Glendinning
Stewart Glendinning
Chief Executive Officer (Principal Executive Officer)
Date:December 30, 2024By:/s/ Mark Still
Mark Still
Senior Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer)
Date:December 30, 2024By:/s/ Michael G. Archbold
Michael G. Archbold
Director
Date:December 30, 2024By:/s/ Terry Davenport
Terry Davenport
Director
Date:December 30, 2024By:/s/ Karen Leever
Karen Leever
Director
Date:December 30, 2024By:
/s/ Patricia E. Lopez
Patricia E. Lopez
Director
Date:December 30, 2024By:/s/ Mylle H. Mangum
Mylle H. Mangum
Director
Date:December 30, 2024By:/s/ Satish Mehta
Satish Mehta
Director
Date:December 30, 2024By:/s/ William Transier
William Transier
Director
Date:December 30, 2024By:/s/ Peter Swinburn
Peter Swinburn
Director

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