New York & Company will continue to do business, if only online.
RTW Retailwinds, the bankrupt parent company of New York & Company and Fashion to Figure, has entered into an asset purchase agreement with Sunrise Brands LLC for the sale of its websites and all related intellectual property for $20 million in cash, plus the assumption of certain liabilities, including the honoring of gift cards. The websites to be sold include that of New York & Company and Fashion to Figure as well as their rental subscription businesses.
RTW Retailwinds filed for Chapter 11 bankruptcy protection in July, with a plan to close many, if not all, of its 328 New York & Company stores.
The retailer said it anticipates a court hearing to approve the sale in early September.
“We are pleased to have reached an agreement with Sunrise Brands that will allow our significant e-commerce business to continue to operate and serve our loyal customers,” said Sheamus Toal, CEO of RTW. “We are focused on completing this transaction as quickly as possible.”