RTW Retailwinds, the parent company of retail chain New York & Co., announced Monday that is filing for Chapter 11 bankruptcy — the latest blow to an industry whose struggles were taken to new heights by the coronavirus pandemic.
The company said in a press release Monday that filed for bankruptcy relief in New Jersey. In the statement, the company hinted that all of its more than 400 brick-and-mortar stores could close for good.
In recent months, sales have fallen at New York & Co. as the pandemic forced shutdowns at non-essential retail stores across the country. In addition, massive layoffs and a large increase in employees working from home shrunk demand for professional attire. Other purveyors of businesswear have also fallen on hard times — Brooks Brothers filed for bankruptcy last week.
CNN reports that New York & Co. furloughed a "significant portion" of store employees in March and that last week, the company was delisted from the New York Stock Exchange.
New York and Co. joins an exponentially growing list of retailers who have filed for bankruptcy in recent weeks, including Sur La Table, JC Penney, Pier 1 Imports J. Crew and Niemen Marcus.