New York & Company Could Close All Stores, Including On LI

Hicksville NY

13 July, 2020

5:15 PM

Description

LONG ISLAND, NY — The parent company of New York & Company, the women's fashion retailer, has filed for Chapter 11 bankruptcy protection and could be closing all of its stores as a result, including 10 stores on Long Island. The company said, alternatively, that it could close a significant portion of its stores. RTW Retailwinds, which owns New York & Company, filed for bankruptcy Monday in U.S. Bankruptcy Court for the District of New Jersey. A news release said the company "has launched a store closing and liquidation process," but will continue to operate the business in the near term, include online sales. This comes after 92 percent of its stores reopened from new coronavirus-related closures. New York & Company's stores on Long Island are: Green Acres Mall, Valley StreamLake Success, New Hyde ParkRoosevelt Field, Garden CityBroadway Commons, HicksvilleWestfield Sunrise Mall, MassapequaGreat South Bay, BabylonThe Arches Outlet, Deer ParkMayfair, CommackSmith Haven, Lake GroveRiverhead Outlet, RiverheadSheamus Toal, CEO and CFO of RTW Retailwinds Inc., said the combined effects of a challenging retail environment and the impact of the new coronavirus pandemic caused significant financial distress on the business and it is expected to continue. "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," he said. The specialty retailer, first incorporated in 1918, operates about 375 retail and outlet locations in 32 states.