Retailwinds’ E-Commerce Properties Sold To Saadia Group In Bankruptcy Auction

Saadia Group won the bankruptcy auction for RTW RetailwindsNew York & Company and Fashion to Figure e-Commerce business and related intellectual property for a cash purchase price of $40 million plus assumption of certain liabilities, including honoring gift cards. The deal includes the web sites, and the rental subscription businesses and

“We are extremely pleased to have received a new, significantly higher-priced purchase agreement from Saadia Group for our e-commerce business and all related intellectual property and certain other assets,” said Sheamus Toal, CEO of RTW Retailwinds in a statement. “Similar to our previous agreement, the new agreement will allow our substantial e-commerce business to continue to operate and serve our loyal customers.”

The new agreement is subject to final approval by the New Jersey Bankruptcy Court and a hearing is scheduled for Sept. 3.

RTW Retailwinds filed for Chapter 11 protection in mid-July due to “significant financial distress” caused by the COVID-19 pandemic, with plans to close up to all 328 physical locations. The retailer also suffered from a C-level executive exodus in late April that included the departure of CEO Tracy Inglis just a month after she was promoted to the role.


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