New York & Co. Parent Gets OK To Start Liquidation This Week

Law360 (July 15, 2020, 5:54 PM EDT) -- A New Jersey bankruptcy judge on Wednesday gave the parent company of New York & Co. and other apparel brands the green light to commence going-out-of-business sales this week after company counsel predicted an "orderly liquidation" as the retailer's Chapter 11 case proceeds.

U.S. Bankruptcy Judge John K. Sherwood signed off on a consultancy agreement between RTW Retailwinds Inc. and liquidators Great American Group LLC and Tiger Capital Group LLC. The liquidators will receive a 1.75% commission on merchandise and 15% on furniture, fixtures and equipment.

RTW's plan to close all of its 387 stores, which grace indoor and strip malls...

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