- Prachi Singh |
RTW Retailwinds, Inc. has announced an asset purchase agreement with Sunrise Brands, 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 Nyandcompanycloset.com and Fashiontofigurecloset.com for a cash purchase price of 20 million dollars plus assumption of certain liabilities, including honouring gift cards.
Commenting on the development, Sheamus Toal, Chief Executive Officer of RTW, said in a statement: “We are pleased to have reached an agreement with Sunrise Brands that will allow our significant e-commerce business to continue to operate and serve our loyal customers.”
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. The company anticipates a Court hearing to approve the sale in early September.
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