New York and Company Could Close All Stores As Its Parent Company Files for Bankruptcy Due to COVID-19 Impact
Jul 13, 2020
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New York and Company could close all stores as its parent company files for bankruptcy due to COVID-19 impact
New York & Company is located in the Fox River Mall.
Women's fashion retailer New York & Company could close all of its stores or a significant portion of them in bankruptcy, parent company RTW Retailwinds, Inc. announced Monday.
RTW Retailwinds filed for Chapter 11 bankruptcy protection Monday in U.S. Bankruptcy Court for the District of New Jersey and said in a news release that it has "launched a store closing and liquidation process."
Like other apparel retailers with a heavy commitment to shopping malls, RTW Retailwinds Inc. and its brands were grappling with declining foot traffic long before the coronavirus pandemic, which has led to an increase of retailers filing for bankruptcy. The coronavirus causes the disease COVID-19.
The Lucky Brand, J.C. Penney, Brooks Brothers, Sur La Table, Neiman Marcus, Tuesday Morning, GNC and J. Crew have all filed for Chapter 11 since May.
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"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," Sheamus Toal, RTW Retailwinds CEO and chief financial officer, said in the release.
Sur La Table bankruptcy:Sur La Table files for bankruptcy protection, plans to close nearly half of its stores. Here's the list.
Store closings 2020:As many as 25,000 stores could shutter this year due to COVID-19 impact
The company's portfolio includes branded merchandise from New York & Company, Fashion to Figure and Happy x Nature and collaborations with Eva Mendes, Gabrielle Union and Kate Hudson. The brands have approximately 378 retail and outlet locations in 32 states as well as online stores.