Sangertown and Destiny USA to Lose Another Store to Bankruptcy
Another retail clothing store will be closing all their retail locations, including those in New Hartford and Syracuse, after filing bankruptcy.
New York and Company filed for bankruptcy in July, and has announced plans to close all retail outlets. In a press release, the store's parent company says liquidation sales are already underway, and will last 8-10 weeks, or until all merchandise is sold. Items are already 60% off.
Store fixtures will also be for sale.
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 in July.
New York and Company has locations in both Sangertown Square and Destiny USA. 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.