New York & Co. parent on verge of bankruptcy

New York & Co. parent on verge of bankruptcy
RTW Retailwinds (NYSE:RTW), parent of the New York & Co. discount apparel retailer, is preparing for a bankruptcy filing that would include plans to shut all of its 387 stores, Bloomberg reports. RTW, which also owns Fashion to Figure and Happy x Nature, warned earlier this month that a bankruptcy filing was probable, citing a…

RTW Retailwinds (NYSE:RTW), parent of the New York & Co. discount apparel retailer, is preparing for a bankruptcy filing that would include plans to shut all of its 387 stores, Bloomberg reports.

RTW, which also owns Fashion to Figure and Happy x Nature, warned earlier this month that a bankruptcy filing was probable, citing a loan default, after the coronavirus outbreak forced all New York & Co. stores to temporarily close.

To deal with the cash crunch, RTW did not pay vendors and withheld April and May rent to its landlords, leading to a flurry of default notices, the company said.

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