×
84 536
Fashion Jobs
COTY
Director, Finance - cb Sales
Permanent · New York
OLD NAVY
Site Merchandising Manager - Old Navy Online
Permanent · San Francisco
NIKE
Senior Manager - Finance Engineering & Automation
Permanent · Beaverton
JCPENNEY
Email Marketing Senior Manager
Permanent · Plano
LEVI'S
Global Raw Material Planner
Permanent · San Francisco
NORDSTROM
Asset Protection - Agent - Tacoma Mall
Permanent · Tacoma
SHISEIDO
Sales & Training Executive, San Francisco - Nars
Permanent · San Francisco
ROSS STORES
Store Protection Specialist
Permanent · Grand Prairie
PUMA
av Specialist, IT Service Desk
Permanent · Somerville
PUMA
Key Account Manager, Sporting Goods
Permanent · Somerville
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time: Outlets at Orange
Permanent · Orange
TAPESTRY
Senior Manager, Human Resources (People Partner)
Permanent · New York
TAPESTRY
Analyst, Trade Compliance
Permanent · Jacksonville
ESTÉE LAUDER
Clinique Consultant - 37.5 Hrs - Macys - South Portland, me
Permanent · South Portland
ESTÉE LAUDER
Associate Consultant - Clinique - Part Time - Macys Tysons Corner - Mclean, va
Permanent · McLean
ESTÉE LAUDER
Business Manager - Clinique - Full Time - Dillards - Temple, tx
Permanent · Temple
ABERCROMBIE AND FITCH CO.
IT Service Desk Specialist
Permanent · Columbus
ATHLETA
Senior Analyst, Divisional & Control Finance, Athleta
Permanent · San Francisco
GAP
Asset Protection Service Representative - Jersey Gardens
Permanent · Elizabeth
OLD NAVY
Assistant General Manager ne - Shop @ Perry Crossng
Permanent · Plainfield
OLD NAVY
General Manager - Freehold
Permanent · Freehold Township
OLD NAVY
Area Visual Manager
Permanent · King of Prussia
Published
Jul 14, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

RTW Retailwinds files for bankruptcy, plans widespread store closures

Published
Jul 14, 2020

RTW Retailwinds, Inc., the NYC-based owner of New York & Company and Fashion to Figure, announced on Monday that it has filed for Chapter 11 bankruptcy and is planning to shutter a large number – if not all – of its brick-and-mortar stores.


RTW Retailwinds intends to shutter a large portion of its stores - Facebook: New York and Company

 
Filed in the United States Bankruptcy Court for the District of New Jersey, the apparel retailer’s bankruptcy proceedings include motions which, if approved, will allow the company to maintain its operations, continuing to pay employees, suppliers and vendors without interruption.
 
Although RTW Retailwinds has already launched a store closing and liquidation process in relation to the planned shuttering of its brick-and-mortar locations, the company intends to continue operating its stores as usual in the near term, and will push forward with the reopening of the locations that it temporarily closed due to the Covid-19 pandemic.

The retailer further clarified that it is “evaluating any and all strategic alternatives” and is considering a possible sale of its e-commerce platform and related intellectual property.  
 
“The combined effects of a challenging retail environment coupled with the impact of the coronavirus pandemic have caused significant financial distress on our business, and we expect it to continue to do so in the future,” said RTW Retailwinds CEO and CFO Sheamus Toal in a release. “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.”
 
Like many retailers, RTW Retailwinds’ operations have been deeply impacted by the coronavirus crisis, but the company had already reported a disappointing 2019 before the rapid spread of Covid-19 began in the United States in March.
 
For the fiscal year ended February 1, 2020, the company’s net sales declined 7.4% to $827.0 million, while its annual net loss totaled $61.6 million, or $0.96 per diluted share, compared to net income of $4.2 million, or $0.06 per diluted share, in the previous year.
 
When reporting its results, the retailer these attributed these decreases to declines in store traffic and ongoing weakness in its casual lifestyle segment.

Copyright © 2022 FashionNetwork.com All rights reserved.