Sycamore Partners says it wants to acquire Express; shares spike 23%

Sycamore Partners said Thursday it wants to acquire retailer Express, adding in a regulatory filing that it has already acquired almost 10 percent of Express's stock.

Shares in Express rose 23 percent in after-hours trading on the news.

In the SEC filing, Sycamore said it sent a letter to the board of Express asking for an appraisal of the company, so that Sycamore can make an offer.

As of Thursday's close Express had a market capitalization of about $1.1 billion.