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New York & Co. Bankruptcy: 6 Things to Know as the Retailer Files Chapter 11

RTW Retailwinds (OTCMKTS:RTWI), formerly known as New York & Co., has filed for Chapter 11 bankruptcy protection.

New York & Co. Bankruptcy: 6 Things to Know as the Retailer Files Chapter 11
Source: Room’s Studio / Shutterstock

Here’s are a few things to know about the New York & Co. bankruptcy.

  • The bankruptcy was filed with the United States Bankruptcy Court for the District of New Jersey.
  • New York & Co. plans to continue operations throughout the process.
  • The fashion retail company is planning to close down most, if not all, of its physical retail locations.
  • It’s also planning to start liquidation sales at its stores because of this.
  • Adding to this, the company is looking at other strategic alternatives.
  • It notes that this includes the possible sale of its e-commerce business and the intellectual property connected to it.

Sheamus Toal, CEO and CFO of RTW Retailwinds, said this about the New York & Co. bankruptcy.

“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. I would like to thank all of our associates, customers, and business partners for their dedication and continued support through these unprecedented times.”

RTWI stock was down 10.6% as of Monday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/07/new-york-co-bankruptcy-details/.

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