Done Deal: New York & Company sold
New York & Company has begun a new chapter under new owners —as a digital-only company.
RTW Retailwinds, the bankrupt parent company of New York & Company and Fashion to Figure, has closed on the sale of its e-commerce business and all related intellectual property, including its websites, rental subscription businesses and certain other assets to Saadia Group, a New York investment company. The sale was previously approved by the bankruptcy court on September 4, 2020.
“Looking to the future, we believe the new company is well-positioned for organic growth within the digital space with both the New York & Company and Fashion to Figure brands,” said Sheamus Toal, CEO of RTW. “We see significant opportunities to grow our digital footprint through brand extensions, targeted brand marketing and comprehensive consumer engagement.”
In a statement, Rob Shapiro of BRG and chief restructuring officer to RTW noted that the transaction allowed the retailer to preserve a large number of jobs deliver a meaningful recovery to unsecured creditors.
“This outcome is particularly satisfying given the current environment, where many retailers’ bankruptcy filings have resulted in full liquidations and minimal distributions due to COVID-19,” he said.
Added Jack Saadia, CEO of Saadia Group: “We believe in the New York & Company and Fashion to Figure brands and the opportunity to use these e-commerce platforms to continue to grow the business as we move forward.”