Express Picks Advisor to Boost Financials

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Express Inc. has hired Lazard Frères & Co. to help raise new funds to support the Company through the Covid-19 pandemic, CEO Timothy Baxter said, WSJ reports. The Company is looking to solidify its finances, Baxter said. Still, Express isn’t mulling bankruptcy “and continues to take decisive and appropriate action to manage liquidity throughout this prolonged pandemic,” He added. The Company is looking to boost its cash reserves to remain afloat until enough of the U.S. population is vaccinated against the coronavirus to allow for a resumption of in-person shopping and office work, according to people familiar with the matter. Without the additional financing, which could come in the form of a first-in-last-out facility, the Company could face a cash crunch, the people said. Express “has several possible options to enhance liquidity as it moves into 2021,” Baxter said.

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