Sale of Express to Golden Gate Completed

Michael Weiss Joins Express as CEO

Columbus, OH (July 9, 2007) – Golden Gate Capital announced today that it had completed its acquisition of 75 percent of Express from Limited Brands, Inc., giving it majority ownership and operating control.

“This is a terrific day for Express, its associates and Golden Gate Capital. We are very excited about the prospects for the company, one of the leading specialty retailers in the country,” said Stefan Kaluzny, Managing Director of Golden Gate Capital. “We appreciate all that Limited Brands has done to support the company’s growth, and we look forward to their continued partnership as 25-percent owners.”

Golden Gate also announced today the appointment of Michael Weiss as Chief Executive Officer of Express. Mr. Weiss led Express for most of the period from its founding in 1980 to his retirement in 2004.

“Under Jay Margolis’ leadership, the management team at Express has realized a very successful turnaround over the last two years. We recognize and appreciate this remarkable accomplishment,” adds Mr. Kaluzny. “Michael brings a unique experience to Express as a result of his 23 years of history with the brand. That experience will supplement the company’s current momentum and position it for further success and growth.”

Adds Mr. Weiss, “To be able to come back and run Express is an opportunity that I absolutely could not resist. My passion for the brand and the retail business has never diminished. I am looking forward to working with the team to bring Express up to new and as yet unachieved levels. I thank Golden Gate for the opportunity — they will not be disappointed.”

About Express

Express is the preferred young, sexy, and sophisticated designer brand for work and casual wear among fashion-forward young women and men. Express operates more than 620 retail outlets in the United States and generates $1.8 billion in sales annually. For more information, visit

About Golden Gate Capital

Golden Gate Capital is a private equity firm with over $3.4 billion of capital under management dedicated to investing in change-intensive opportunities. The firm’s charter is to partner with world-class management teams to make equity investments in situations where there is a demonstrable opportunity to significantly enhance a company’s value. The principals of Golden Gate Capital have a long and successful history of investing with management partners across a wide range of industries and transaction types. With the acquisition of Express, Golden Gate’s Portfolio of apparel investments generates in excess of $3 billion of revenues annually. For more information, visit