The owner of women’s fashion retail chain New York & Company warned in a Securities and Exchange Commission filing Wednesday that it may file for Chapter 11 bankruptcy in response to the coronavirus pandemic.
RTW Retailwinds said it’s in the process of finalizing a 10-K form, which is a summary of the company’s financial performance, that will reflect “substantial doubt about the company’s ability to continue.” The company has been hit hard by the coronavirus pandemic and said it has experienced store closures, furloughs, supply chain disruptions and terminations of certain corporate positions.
In the filing, RTW Retailwinds said it has not paid April and May rent to landlords, and didn’t make recent payments to many of its vendors.
“The company believes without seeking protection under the bankruptcy laws it does not have ability to raise additional capital at this time,” RTW Retailwinds said in the filing.
New York & Company is currently running an “Everything 50-80%” promotion on its website, but it appears to be a standard online sale and not a going-out-of-business liquidation sale.
There are 25 New York & Company stores in New Jersey, according to its website. All stores have been temporarily closed since March 19 due to Covid-19.
RTW Retailwinds previously announced that it planned to close 19 New York & Company stores, four Fashion to Figure stores and four outlet stores.
Wednesday’s filing is the latest in a string of recent bankruptcy announcements from retailers, many of which had been struggling even before the coronavirus.
JCPenney, Neiman Marcus, Pier 1 Imports, and J.Crew all have filed for bankruptcy during the coronavirus pandemic, while GNC warned that bankruptcy and store closings are a possibility.
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Nicolette Accardi can be reached at naccardi@njadvancemedia.com. Follow her on Twitter: @N_Accardi. Find NJ.com on Facebook. Have a tip? Tell us. nj.com/tips
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