Like other apparel retailers struggling due to the COVID-19 pandemic, another retail brand company has filed for bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey. Women’s fashion retailer New York & Company’s parent company RTW Retailwinds, filed for Chapter 11 bankruptcy protection on 13th July 2020.
The Company’s Chapter 11 bankruptcy process and go-forward strategy are as follows:
- The company will have to permanently close all or most of its stores in bankruptcy. In their news release, the company said that it has “launched a store closing and liquidation process.”
- The company is evaluating all possible alternatives, including the sale of its eCommerce business and related intellectual property.
Other retailers that filed for Chapter 11 Bankruptcy since May 2020 are – The Lucky Brand, Sur La Table, Brooks Brothers, Tuesday Morning, GNC, JCPenney, Neiman Marcus, and J. Crew.