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New York & Company Parent Files for Chapter 11
RTW Retailwinds, the parent company of the New York & Company, Fashion to Figure and Happy x Nature retail brands, filed for Chapter 11 bankruptcy protection Monday. The Manhattan-based retailer has launched a store closing and liquidation process ahead of shuttering most, if not all, of its brick-and-mortar locations.
Sheamus Toal, CEO and CFO of RTW Retailwinds, said, “The combined effects of a challenging retail environment coupled with the impact of the Coronavirus (COVID-19) pandemic have caused significant financial distress on our business, and we expect it to continue to do so in the future.
“As a result, we believe that a restructuring of our liabilities and a potential sale of the business or portions of the business is the best path forward to unlock value,” Toal continued.
The company is evaluating any and all strategic alternatives, including the potential sale of its e-commerce business and related intellectual property.
Pictured: A Nw York & Company location in Chicago.
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