Tampa Bay’s three New York & Co. stores could close down for good.
The mall staple that specializes in women’s work clothes announced this week that it has filed for bankruptcy and fmay close all of its locations. At the very least, the chain said in a news release, it would close a “significant portion” as it moves through its Chapter 11 filing. The chain is operated by parent company RTW Retailwinds Inc.
“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,” said CEO and chief financial officer Sheamus Toal in a statement. “As a result, we believe that a restructuring of our liabilities and a potential sale of the business or portions of the business is the best path forward to unlock value.”
New York & Co. has locations at WestShore Plaza in Tampa and the Westfield mall in Brandon. It also has an outlet store in Lutz. More than a dozen locations are spread across Florida. In total, New York & Co. has 378 stores across 32 states.
The company has already begun liquidation sales. Its website is advertising 30 to 80 percent off all items.
Several traditional mall retailers are facing a similar fate. Brooks Brothers, JCPenney, J. Crew and Neiman Marcus have all filed for bankruptcy protection since the start of the pandemic.