RTW Retailwinds, an online specialty apparel retail platform for celebrity and consumer brands, recently announced closing the sale of its e-commerce business and all related intellectual property, including its websites nyandcompany.com and fashiontofigure.com, its rental subscription businesses at nyandcompanycloset.com and fashiontofigurecloset.com, and certain other assets to the Saadia Group.

The sale was approved by an US bankruptcy court on September 4. RTW had 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 this year.

“We believe the new company is well-positioned for organic growth within the digital space with both the New York & Company and Fashion to Figure brands. We see significant opportunities to grow our digital footprint through brand extensions, targeted brand marketing and comprehensive consumer engagement,” RTW chief executive officer Sheamus Toal said in a statement.

As previously announced, the company has fully satisfied and repaid all of its secured debt.

Fibre2Fashion News Desk (DS)

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