Former Express Executives Accused of Self-Serving Company Deal

Former executives of fashion retailer Express Inc. were hit with a $500 million lawsuit by a bankruptcy estate for allegedly sabotaging a lucrative 2022 acquisition offer from brand management firm Bluestar Alliance to protect their own jobs.

Former Express CEO Tim Baxter and former chief operating officer and president Matthew Moellering breached their fiduciary duties by pushing for a partnership with brand licensing company WHP Global, a firm led by a friend of Baxter, a bankruptcy plan administrator said in a complaint Monday in the US Bankruptcy Court for the District of Delaware.

The partnership with WHP Global stripped Express ...