Parent company of New York & Company at risk of delisting
RTW Retailwinds has received notice from The New York Stock Exchange.
The parent company of New York & Company announced that it received notice on June 19 that it is no longer in compliance with the NYSE’s listing criteria as the result of the retailer’s average market capitalization over a consecutive 30 trading-day period being less than $50 million and its stockholders’ equity being less than $50 million.
In a statement, RTW said it has experienced substantial and recurring losses from operations and has been considering available options including restructuring its obligations or seeking protection under the bankruptcy laws. Earlier this month, in a filing with the Securities and Exchange Commission, RTW called a bankruptcy filing “probable,” citing the adverse impact of COVID-19 on its operations.
The company plans to notify the NYSE by July 6, 2020 whether it intends to cure the deficiency and return to compliance with NYSE continued listing requirements.