New York & Company Store Closing Sales Begin with Deep Discounts

Rhea-AI Summary

On July 28, 2020, B. Riley Financial's affiliate, Great American Group, announced the initiation of store closing sales at approximately 380 New York & Company locations following the bankruptcy of its parent company, RTW Retailwinds. Customers can access discounts of up to 60% on in-store merchandise. The liquidation sales are expected to last 8-10 weeks, allowing for the sale of all remaining products including store fixtures. B. Riley Financial specializes in diverse financial services, providing solutions in investment banking, corporate advisory, and liquidation services.

Positive

• Store closing sales provide significant discounts of up to 60% to attract customers.
• B. Riley's involvement in liquidation services may enhance their market presence.

Negative

• The bankruptcy of RTW Retailwinds indicates financial instability for New York & Company.
• Approximately 380 store closures and liquidation of assets may negatively impact B. Riley's long-term revenue from New York & Company.

LOS ANGELES, July 28, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:RILY) ("B. Riley") affiliate, Great American Group, and Tiger Capital Group today announced that store closing sales have begun at all New York & Company retail locations across the United States. The firms are conducting liquidation sales across approximately 380 store locations in connection with the recent bankruptcy filing of New York & Company's parent company, RTW Retailwinds, Inc. ("RTW").

New York & Company is a specialty women's fashion retailer which offers modern, multi-functional wear-to-work apparel at affordable prices. As part of the sale, customers can expect initial discounts of up to 60% off original prices for all in-store merchandise including women's clothing, accessories and shoes.

"New York & Company offers a versatile array of women's fashionwear that is on-trend and stylish – at a great value. We encourage customers to shop early for the very best selection as the store closing sales will last for a limited time only," said Scott Carpenter, President of Retail Solutions at B. Riley's Great American Group. "Safety measures are in place to create a healthy space for our shoppers."

Liquidation sales are expected to last approximately 8-10 weeks, or until all merchandise is sold. The length of the sale will vary by location. Store furniture, fixtures and equipment will also be available for purchase in certain locations. All purchases made during the liquidation sale will be final.

For updated details regarding acceptance of gift cards, customer rewards, returns and exchanges, please refer to New York & Company's Changes in Customer Programs. To find a New York & Company store location near you, visit: www.nyandcompany.com/locations.

About B. Riley Financial, Inc. (NASDAQ:RILY)
B. Riley Financial provides collaborative financial services solutions tailored to fit the capital raising, business, operational and financial advisory needs of its clients and partners. B. Riley operates through several wholly owned subsidiaries which offer a diverse range of complementary end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, corporate advisory, restructuring, due diligence, forensic accounting and litigation support, appraisal and valuation, and auction and liquidation services. Certain registered affiliates of B. Riley originate and underwrite senior secured loans for asset-rich companies. B. Riley also makes proprietary investments in companies and assets with attractive return profiles.

B. Riley's Great American Group, LLC subsidiary is a leading provider of asset disposition and auction solutions, advisory and valuation services and efficiently leverages its sector expertise and deploys resources to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. For more information about B. Riley and its affiliated companies, visit www.brileyfin.com.

About Tiger Capital Group
Tiger Capital Group provides asset valuation, advisory and disposition services to a broad range of retail, wholesale, and industrial clients. With over 40 years of experience and significant financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, provide capital or convert assets to capital quickly and decisively. Tiger maintains offices in New York, Los Angeles, Boston, Chicago, Houston and Toronto. To learn more about Tiger, please visit www.tigergroup.com.

Contacts for B. Riley
Investors	Media
B. Riley Financial	Jo Anne McCusker
ir@brileyfin.com	press@brileyfin.com
(310) 966-1444	(646) 885-5425

 

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SOURCE B. Riley Financial

FAQ

What percentage discounts are being offered in the New York & Company liquidation sales?

Discounts of up to 60% are being offered on all in-store merchandise at New York & Company.

How long will the New York & Company liquidation sales last?

The liquidation sales are expected to last approximately 8-10 weeks or until all merchandise is sold.

What is the reason for New York & Company's store closing sales?

The store closing sales are a result of the bankruptcy filing of its parent company, RTW Retailwinds.

How many New York & Company stores are closing?

Approximately 380 New York & Company store locations are closing.

Who operates the liquidation sales for New York & Company?

The liquidation sales are being conducted by Great American Group, an affiliate of B. Riley Financial.