RETAILING NEWS Fashion Company Express Transformation

FASHION retailer Express has turned to WHP Global as it begins a large-scale transformation of the company. WHP, a brand turnaround firm that owns a number of companies, including Toys R Us, will take a 7.4% stake in Express.

THE CEO of Express said that the partnership was part of a “large-scale transformation” that would allow Express to boost growth by acquiring multiple brands and operating them on the Express platform.

BASED in New York, WHP owns and manages brands with a combined $4.5 billion in retail sales, focused on those with “legacy character traits” as the company website states.

WHP stepped in to assist Toys R Us last year after the chain closed its last two stores in the United States, opening a new store at the American Dream Mall in New Jersey. The toy retailer has since branched out even further, opening locations inside Macy’s stores around the country.

THE company’s investment in Express comes in two parts, the first being $25 million from WHP to acquire 5.4 million shares in Express, giving it a 7.4% stake in the company, which owns 550 stores in addition to its eCommerce operations.

THE two entities will also form a $400 million “intellectual property joint venture” with WHP investing $235 million for a 60% ownership.

THE WHP/Express partnership news came the same day that Express released its quarterly earnings that showed an 8% decline in comparable sales.

Tax Deductions for Your Business

EVERY small business owner should always keep aware on changes to tax codes or other tax codes that will be advantageous to your bottom line. We’re all in business to make money and keep as much of it that we generate. Always remember that a basic rule in taxes is that you pay taxes on your profits and your profit is your income minus ordinary expenses that you report to the IRS every year on Schedule C. So when you sit down to do your taxes make sure that you have tracked every single business expense that you’re entitled to.

HERE are some popular tax deductions that you want to make sure that you are not missing.

1. Repairs or alterations to your home office. This could include painting, re-flooring, better lighting and even cleaning services.

2. Education. Any education or training related to what you do to earn money is deductible.

3. Travel. If you visit a client, pay to park or pay a toll this is deductible. Your mileage is also if your client does not reimburse you for this.

4. Your website. All related costs to your online presence can be deductible, including paying for the website creation or maintenance.

5. Start-up costs. If this is your first year in business the legal and professional fees you pay to complete and file your paperwork are deductible.

6. Research and development. If you’re creating a new product, the expenses relevant to bringing the product to market are deductible.

7. Interest on debt. Business loans are tax deductible as long as it’s an arms-length transaction. Deduct interest costs from loans and business credit cards.

8. Finally, industry publication subscriptions are also deductible.