By New York & Company, Inc.
NEW YORK–(BUSINESS WIRE)–New York & Company, Inc. [NYSE:NWY] (the “Company”), a specialty women’s apparel chain with 459 retail stores, today announced that it has entered into an asset purchase agreement to acquire certain assets of Fashion to Figure, a U.S. based retailer of trendy plus-size fashions, including intellectual property rights related to the Fashion to Figure® brand, for a cash purchase price of $1.4 million plus no more than $1.0 million of fees and expenses. The assets will be acquired by TFT Acquisition LLC, as the successful bidder at an auction run by Fashion to Figure, as part of its ongoing reorganization under Chapter 11 of the U.S. Bankruptcy Code and will be subsequently acquired by New York & Company late in the fourth quarter of fiscal 2017. The asset purchase agreement covers all intellectual property, including trademarks, tradenames, an extensive customer database, and all in-store assets, with the exception of inventory. All lease obligations are expected to remain with the seller; however, the Company anticipates contacting various landlords in an effort to negotiate satisfactory agreements regarding future lease terms to remain in certain existing Fashion to Figure locations. New York & Company is also anticipating hiring certain former employees of Fashion to Figure, including members of the design, merchandising and eCommerce teams, who are expected to join the Company during the fourth quarter of fiscal year 2017. The Company will also be negotiating with certain market vendors in an effort to secure inventory for the anticipated relaunch in early 2018.
Read more at BusinessWire.