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Sunrise Brands to operate RTW Retailwinds e-com business
07 Aug '20
1 min read
Pic: New York & Company
Specialty women's omni- channel US retailer RTW Retailwinds recently announced that it has entered into an asset purchase agreement with Sunrise Brands for the sale of its e-commerce business and all related intellectual property, including its websites, www.nyandcompany.com, www.fashiontofigure.com and its rental subscription businesses at www.nyandcompanycloset.com and www.fashiontofigurecloset.com.
The agreement was signed for a cash purchase price of $20 million plus assumption of certain liabilities, including honoring gift cards, subject to closing adjustments. It is subject to final approval by the bankruptcy court, according to a company press release.
The company, which filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the bankruptcy court for the district of New Jersey on July 13, anticipates a hearing to approve the sale in early September.
The agreement was signed for a cash purchase price of $20 million plus assumption of certain liabilities, including honoring gift cards, subject to closing adjustments. It is subject to final approval by the bankruptcy court, according to a company press release.
The company, which filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the bankruptcy court for the district of New Jersey on July 13, anticipates a hearing to approve the sale in early September.
Fibre2Fashion News Desk (DS)
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