- Prachi Singh |
RTW Retailwinds, Inc. has announced that after a bankruptcy auction on Friday August 28, 2020 it has entered into a new asset purchase agreement with Saadia Group, LLC, for the sale of its e-commerce business and all related intellectual property, including its websites, Nyandcompany.com, Fashiontofigure.com and its rental subscription businesses at Nyandcompanycloset.com and Fashiontofigurecloset.com together with certain other assets for a cash purchase price of 40 million dollars.
Sheamus Toal, Chief Executive Officer of RTW, said in a statement: “We are extremely pleased to have received a new, significantly higher priced purchase agreement from Saadia Group for our e-commerce business and all related intellectual property and certain other assets. Similar to our previous agreement, the new agreement will allow our substantial e-commerce business to continue to operate and serve our loyal customers.”
The company added that Saadia Group’s asset purchase agreement supersedes the prior stalking horse asset purchase agreement announced on August 4th, 2020 with Sunrise Brands, LLC, which is subject to final approval by the Bankruptcy Court and a hearing is scheduled on Thursday, September 3, 2020.
RTW Retailwinds 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.
Picture:Facebook/New York & Company