New York and Company Files Bankruptcy, Could Close All CNY Stores
New York and Company, the ladies clothing retailer with stores in New Hartford and Syracuse, has filed for bankruptcy and could close all or most of its stores, according to the company.
New York and Company is the latest retailer to file for bankruptcy as a result of the economic impact of COVID-19. Retailers had already been struggling prior to the months-long closures that occurred as states worked to close the spread of the virus.
New York and Company, owned by parent company RTW Tradewinds, announced the bankruptcy filing in a statement. "The Company expects to close a significant portion, if not all, of its brick-and-mortar stores and, in connection therewith, the Company has launched a store closing and liquidation process."
New York and Company has locations in both Sangertown Square and Destiny USA, which only recently got the okay to re-open under Governor Cuomo's plan. Both malls have lost tenants as retailers have struggled to survive in the face of strong online competition and changing consumer preferences.
"The combined effects of a challenging retail environment coupled with the impact of the Coronavirus (COVID-19) pandemic have caused significant financial distress on our business, and we expect it to continue to do so in the future," Sheamus Toal, RTW Retailwinds CEO and chief financial officer, said in the release.
J.C. Penney, Brooks Brothers, Sur La Table, Neiman Marcus, Tuesday Morning, GNC and J. Crew have all filed for Chapter 11 since May. Bed, Bath & Beyond had filed to reorganize, and may close Central New York stores.