RTW Retailwinds wins approval of $40 million e-commerce business sale

By Caroline Salls

Pittsburgh, Sept. 9 – RTW Retailwinds, Inc. received court approval to sell its e-commerce business and related intellectual property to Saadia Group, LLC for $40 million, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of New Jersey.

RTW said the intellectual property being sold includes its websites, www.nyandcompany.com and www.fashiontofigure.com and its rental subscription businesses at www.nyandcompanycloset.com and www.fashiontofigurecloset.com.

Saadia will also assume some liabilities related to the assets being sold, including honoring gift cards, subject to closing adjustments.

As previously reported, the Saadia Group asset purchase agreement supersedes the previous stalking horse asset purchase agreement with Sunrise Brands, LLC.

Under the court approved bidding procedures, since Sunrise is not the winning bidder, RTW will be required to pay it a 3% break-up fee.

RTW is a New York-based retailer of women’s apparel. It filed bankruptcy on July 13 under Chapter 11 case number 20-18445.

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