Apparel retailer Express Inc said it ended talks to be bought by private equity firm Sycamore Partners, its largest shareholder, due to unavailability of financing.Shares of Express, which was once a division of L Brands Inc , were down nearly 13 percent at $12.60 in premarket trading.Sycamore agreed to some restrictions, which included not contacting or entering into arrangements with third parties for buying Express, a joint statement said.The private equity firm said it was interested in buying Express last June, after disclosing a 9.9 percent stake in the company.
Shares of EXPR remained unchanged at $14.44. In the past year, the shares have traded as low as $11.80 and as high as $18.99. On average, 973000 shares of EXPR exchange hands on a given day and today's volume is recorded at 72769.
L Brands, Inc. operates in the specialty retail business. Shares of LB remained unchanged at $82.10. In the past year, the shares have traded as low as $50.78 and as high as $87.58. On average, 1762210 shares of LB exchange hands on a given day and today's volume is recorded at 0.
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