Parent Company of New York & Co. Files for Chapter 11 Bankruptcy and Many Stores Could be Closing Because of It

New York & Co. has become a staple in shopping centers and malls across the U.S. Unfortunately, the women’s fashion retailer may no longer be a part of most mall directories in the coming months as all 400 stores could be closing. According to USA Today, the fashion retailer’s parent company, RTW Retailwinds, Inc. announced that it has filed for Chapter 11 bankruptcy protection and as a result of this, it could be closing New York & Co. stores.

After announcing the bankruptcy filing, the CEO and chief financial officer of RTW Retailwinds, Sheamus Toal, issued a statement saying that “The combined effects of a challenging retail environment coupled with the impact of the Coronavirus (COVID-19) pandemic have caused significant financial distress on our business, and we expect it to continue to do so in the future.” After the COVID-19 pandemic shuttered malls, causing foot traffic to come to a complete halt, many businesses were unable to sustain which led to some planning for closures and others filing for bankruptcy protection.

Although the source has not confirmed that all New York & Co. stores will be closing, it did cite that the company has “launched a store closing a liquidation process” which means certain stores may be shutting down. The company has also said that it “is evaluating any and all strategic alternatives, including the potential sale of its eCommerce business and related intellectual property.”

New York & Co. has had a long life in the retail industry. The company was first founded in 1918 and was called Lerner Shops. It later changed its name in 1992 to Lerner New York and then settled on New York & Co. in 1995. The source says the retailer was previously operated by Limited Brands, now recognized as L Brands, which possesses ownership over Victoria’s Secret and Bath & Body Works.

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