New York & Co. begins liquidating stores after parent company files for bankruptcy

New York – Fashion chain New York & Co. has already begun liquidating all its stores, two weeks after its parent company, RTW Retailwinds Inc., filed for Chapter 11 bankruptcy protection on July, 13.

According to the filing, RTW Retailwinds is planning to close most of its brick-and-mortar stores, as well as possibly sell its e-commerce business and related intellectual property.

On Tuesday, B. Riley Financial Inc. said its Great American Group unit and Tiger Capital Group are leading the liquidation sales, which have begun at all New York & Co.'s 380 retail locations across the United States.

The liquidation sales are expected to last about 8 to10 weeks, or until all merchandise is sold. The length of the sale will vary by location, explained Scott Carpenter, president of retail solutions at B. Riley's Great American Group. Scott added that the company has implemented safety measures “to create a healthy space for our shoppers.”