Express Advances $160 Million Sale to Mall Owners (Correct)

Express Inc. is moving forward with a $160 million sale of its business to a group that includes its mall landlords, easing earlier concerns that the bankrupt clothing retailer could shut down in Chapter 11.

Judge Karen Owens on Thursday authorized Express to sell its business to a company led by WHP Global, a brand licensing company backed by Ares Management Corp., Oaktree Capital Management and Solus Alternative Asset Management LP, that includes mall owners Simon Property Group and Brookfield Properties.

The deal is in the form of a stalking horse bid, meaning the $160 million ...