New York & Company Declares Bankruptcy, Danbury Store To Close
Seems like every week we're reporting about another store going out of business, this time, it's the popular women's fashion retailer New York & Company.
New York & Company is the latest retailer to declare bankruptcy, they made the announcement on Monday, and also announced that they will be closing all their locations, including their store at the Danbury Fair Mall.
The writing was actually on the wall last month when the stores parent company RTW Retailwinds informed their investors they would be filling for Chapter 11 bankruptcy protection, and the possibility of shuttering all their stores.
According to newstimes.com, this move has come rather quickly, since back in February, the company employed almost 5000 people. However, the pandemic shutdown caused the store to furlough most workers, and in March, their CEO resigned. The store had posted marginal gains in 2019, but was faced with a 61.6 million dollar revenue loss for the period ending in February.
Just two years ago, the company celebrated a century of business, and had more then 385 stores nationwide. Just don't look for the store to go away completely, not just yet. The parent company, RTW, said the stores would continue to stay open for clearance sales when and where appropriate.
New York & Co. has other stores in Connecticut, including at the Brass Mill Center in Waterbury, Foxwoods Resort Casino and The Shoppes at Buckland Hills in Manchester.