February 16, 2010 / 4:43 PM / 10 years ago

UPDATE 1-Clothing company Express files for $200 mln IPO

* Underwriters led by BoA Merrill Lynch, Goldman Sachs

* Plans to list under the symbol “EXPR” (Adds detail on rue21 IPO)

NEW YORK, Feb 16 (Reuters) - Express, the sixth-largest specialty retail apparel brand in the United States, filed on Tuesday for an initial public offering of up to $200 million.

Columbus, Ohio-based Express Parent LLC sells clothing to women and men between the ages of 20 and 30. As of Jan. 30, the company operated 573 stores.

Express posted revenue of $1.2 billion for the 39 weeks ended Oct. 31, down about 4.7 percent from a year earlier. It posted a profit of $29.3 million, compared with a year-earlier loss of $1.9 million loss.

The company said it would use proceeds of the offering to prepay loans and credit and pay fees associated with the IPO.

Golden Gate Private Equity Inc currently holds a 75 percent ownership stake in Express. The filing with the U.S. Securities and Exchange Commission did not provide details of the offering.

A recent IPO by youth apparel retailer rue21 Inc RUE.O rose 27.9 percent in its November debut and is now about 45 percent above its IPO price.

Underwriters for the Express IPO are being led by Bank of America Merrill Lynch (BAC.N) and Goldman Sachs & Co (GS.N). Express plans to list under the symbol “EXPR.” (Reporting by Clare Baldwin, editing by Gerald E. McCormick and Lisa Von Ahn)

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