New York & Co. Liquidation Plan Gets Bankruptcy Court Approval

The bankrupt parent of retailer New York & Co. won approval of its liquidation plan after closing nearly 400 store locations and selling its e-commerce business.

RTW Retailwinds Inc. successfully built consensus around a Chapter 11 liquidation plan that returns some value to unsecured creditors, Judge John K. Sherwood of the U.S. Bankruptcy Court for the District of New Jersey ruled during a telephonic hearing Wednesday.

The women’s clothing retailer is creating a liquidation trust funded primarily from the proceeds of going-out-of-business sales, plus the $66 million sale of its online brand to Saadia Group LLC. Unsecured creditors are projected ...