RTW Retailwinds, Inc. [OTC PINK:RTWIQ], an omni-channel specialty apparel retail platform for powerful celebrity and consumer brands, in early August 2020 announced that it has entered into an asset purchase agreement with Sunrise Brands, LLC for the sale of its e-commerce business and all related intellectual property, including its websites, www.nyandcompany.com, www.fashiontofigure.com and its rental subscription businesses at www.nyandcompanycloset.com and www.fashiontofigurecloset.com for a cash purchase price of $20 million plus assumption of certain liabilities, including honoring gift cards, subject to closing adjustments. The agreement is subject to final approval by the Bankruptcy Court.
Sheamus Toal, Chief Executive Officer of RTW, commented: “We are pleased to have reached an agreement with Sunrise Brands that will allow our significant e-commerce business to continue to operate and serve our loyal customers. We thank our associates, customers, and business partners for their continued dedication and commitment throughout this process. We are focused on completing this transaction as quickly as possible.”
The Company filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey on July 13, 2020. The Company anticipates a Court hearing to approve the sale in early September.
The Court filings and other information related to the proceedings are available on a separate website administered by the Company’s claims agent, Prime Clerk at https://cases.primeclerk.com/RTWRetailwinds/.
About RTW Retailwinds
RTW Retailwinds, Inc. [OTC PINK:RTWI], formerly known as New York & Company, Inc., is a specialty women’s omni-channel retailer with a powerful multi-brand lifestyle platform providing curated fashion solutions that are versatile, on-trend, and stylish at a great value. The specialty retailer, first incorporated in 1918, has grown to now operate 378 retail and outlet locations in 32 states while also growing a substantial eCommerce business. The Company’s portfolio includes branded merchandise from New York & Company, Fashion to Figure, and Happy x Nature. The Company’s branded merchandise is sold exclusively at its retail locations and online at http://www.nyandcompany.com/, http://www.fashiontofigure.com/, http://www.happyxnature.com/, and through its rental subscription businesses at http://www.nyandcompanycloset.com/ and http://www.fashiontofigurecloset.com/.
RTW Retailwinds, Inc. and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 20-18445) on July 13, 2020. The petitions were signed by Sheamus Toal, CEO, CFO and treasurer.
As of July 13, 2020, the Debtors reported total assets of $405,356,610 and total liabilities of $449,962,395.
The Hon. John K. Sherwood presides over the cases.
Michael D. Sirota, Esq., Stuart Komrower, Esq., Ryan T. Jareck, Esq., and Matteo W. Percontino, Esq. of Cole Schotz P.C. serve as counsel to the Debtors. Berkeley Research Group, LLC has been tapped as financial advisor to the Debtors; B. Riley FBR, Inc. as investment banker; and Prime Clerk, LLC as claims and noticing agent.