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New York & Company
  • Lerner Shops (1918–1992)
  • Lerner New York (1992–2004)
  • New York & Company (2004–present)
IndustryRetail
Founded1918
Headquarters1 W 34th Street,
New York (2023)
Key people
Mark Stocker, President (2023)
ProductsWomen's Apparel & Accessories
ParentADJHA NY&Co. LLC
Websitewww.nyandcompany.com

New York & Company, Inc. (NY&C) is an e-commerce workwear retailer for women. New York & Company apparel and accessories are sold exclusively through their digital store.

From 1918 to 1992, the company was known as Lerner Shops. Its name was then changed to Lerner New York and then to New York & Company. The company began retailing exclusively through its digital store in 2020.

Company history

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Lerner Shops

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Broadway, Washington Heights, Manhattan

The company started as Lorraine Shops in 1917.[1] Lerner Shops was founded in 1918 by brothers Samuel A. Lerner, Joseph J. Lerner, and Michael Lerner, and Harold M. Lane in New York City.[2][3] Joseph was the father of lyricist Alan Jay Lerner.[4] The first Lerner Shops store was in New York City; 18 more shops opened later that year.[5] The company was then organized under Lerner Stores Corporation.[6] By 1920, 23 Lerner Shops were in operation. Within ten years, that figure grew to 160 units in 37 states.[7] In 1948, the company was said to have just under 200 stores nationwide.[8]

In 1963, McCrory Corporation acquired a significant share in the company.[9] Lerner was the country's largest chain of women's and children's apparel shops by 1965.[10] McCrory came to acquire 60% of Lerner, officially buying the company in 1973.[11][12] By 1978, Lerner Shops had 470 retail locations.[1] By August 1981, the company had 717 stores and sales of $686 million.[13]

Lerner was operating nearly 800 stores with $700 million in annual sales by 1985. In February, Limited Brands announced it would buy Lerner Stores from McCrory's parent company, the Rapid-American Corporation, for $260 million.[14][15] Many of the top executives of Lerner were dismissed and Leslie Wexner, chairman and chief executive of The Limited, assumed the posts of chairman and chief executive for the brand. Wexner then cancelled up to $100 million in orders that had been made under the previous management.[16][17]

New York & Company

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Lerner Shops became known as Lerner New York in the early 1990s.[18] By 1993, The Limited Inc. found that many of its brands were competing against each other. The company announced it would close 100 of its more than 900 Lerner New York locations.[19] It then modernized it's line of clothing and introduced the New York & Company label.[20] By the end of the decade, it had dropped the Lerner name and became New York & Company.

In 2002, Limited Brands sold New York & Company to Bear Stearns Merchant Banking, making it an independent company.[21][22][7] It went public in 2004[23] and opened a new flagship store New York City at 58th Street and Lexington Avenue. The company launched an ecommerce website in 2006.

In 2012, the company launched NY&C Beauty, a beauty line including fragrance, lip, and nail products. In 2013, the company launched an exclusive collection designed in collaboration with actress Eva Mendes.[24]

The company began pushing into the outlet space during the 2010s. By the end of 2015, 82 of 490 stores were outlet stores. Another 50 were slated for conversion in the first quarter of 2016, with a fourth of the company's stores expected to by outlets by the end of the year.[25] In 2016, CEO Gregory Scott and New York & Comp ny were an episode of Undercover Boss.[26]

By 2017, New York & Company had 466 retail stores in the U.S. after closing 11 flagship stores and six other stores at the end of the previous year.[27] Gabrielle Union launched her own collection in 2017.[28] In November, the company announced it had acquired plus-size retailer Fashion to Figure for $1.4 million.[29]

In August 2018, the company opened its largest flagship store to date, an 18,000-sq.-ft, two-level store on State Street in Downtown Chicago.[30] That month, Kate Hudson became an ambassador to the Soho Jeans line and would gain her own collection with New York & Company.[31]

RTW Retailwinds, bankruptcy, and sale

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In September 2018, New York & Co., Inc. rebranded as RTW Retailwinds in an effort to expand its portfolio and focus on ecommerce.[32][33] The new name took affect in November, with the company changing its ticker symbol to RTW on the New York Stock Exchange.[34] In 2019, Hudson's Happy X Nature collection launched.[5] It debuted the Uncommon Sense lingerie brand in April, but by August, announced it would exit the business.[35][36] At the end of the year, RTW posted an operating loss of nearly $62 million and announced it would close 30 stores (including 19 NY&C locations).[37][38][5]

After a disappointing holiday season, RTW received warning from the New York Stock Exchange in January 2020 that its stock was in danger of being delisted.[39] In February 2020, S&P Global Market Intelligence named RTW it's second most vulnerable retailer, meaning it was in danger of defaulting.[40] The company planned to close more stores and focus on ecommerce, but the COVID-19 pandemic proved financially devastating to the business. In March 2020, the company named a new CEO,[41] then all stores were closed and nearly all sales associates were furloughed. However, the CEO and four board members resigned just weeks later. In May, 190 corporate and 13 district managers were permanently terminated.[5]

RTW filed for bankruptcy in July 2020, with plans to close most, if not all, physical locations.[42][43] In August, the company agreed to sell its assets, including New York & Company, Fashion to Figure, and it's rental subscription business, to Sunrise Brands LLC $20 million.[44][45] RTW ultimately sold to Saadia Group in September, following a bankruptcy auction.[46][47]

In August 2021, New York & Company, under Saadia Group, introduced its first menswear collection.[48] Gabrielle Union relaunched her fashion line in September, releasing it for NY&C, Lord & Taylor, and Fashion to Figure.[49]

However, by March 1, 2024, Saadia Group had effectively shut down after defaulting on a $45 million loan. Its creditor, White Oak Commercial Finance, was granted control over the company's assets.[50][51][52] New York & Company is now controlled by ADJHA NY&Co. LLC.[53]

Celebrity advertisements

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Celebrities who have appeared in advertisements for New York & Company include Eva Longoria,[54] Brooke Shields,[55] Iman, Cindy Crawford, Jennifer Hudson,[25] Maria Menounos, Ellen Pompeo, Patrick Dempsey,[56] Eva Mendes, Gabrielle Union, and Kate Hudson.

References

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  1. ^ a b Saxon, Wolfgang (1978-04-18). "MICHAEL LERNER,86, STORE-CHAINFOUNDER". The New York Times. ISSN 0362-4331. Retrieved 2025-05-20.
  2. ^ "Obituary for Joseph J. Lerner". St. Louis Post-Dispatch. 1954-07-19. p. 19. Retrieved 2025-05-20.
  3. ^ "Harold M. Lane, Executive, 96". The New York Times. 1988-01-07. ISSN 0362-4331. Retrieved 2025-05-20.
  4. ^ Freedman, Samuel G. (1986-06-15). "ALAN JAY LERNER, THE LYRICIST AND PLAYWRIGHT, IS DEAD AT 67". The New York Times. ISSN 0362-4331. Retrieved 2025-05-20.
  5. ^ a b c d Unglesbee, Ben (July 14, 2020). "RTW Retailwinds' journey into bankruptcy". Retail Dive. Retrieved 2025-05-21.
  6. ^ "Lerner Stores Corporation Buys Site Overlooking Trinity Churchyard". The New York Times. 1925-03-11. ISSN 0362-4331. Retrieved 2025-05-21.
  7. ^ a b Lisicky, Michael. "As The Retailer New York & Company Prepares To Close, The Last Vestiges Of Lerner Shops Fades Into History". Forbes. Retrieved 2025-05-20.
  8. ^ "$2,931,108 EARNED BY LERNER STORES; Sales for 6 Months Show Rise of 19.4% -- Chain Has 194 Units in Operation". The New York Times. 1948-09-02. ISSN 0362-4331. Retrieved 2025-05-21.
  9. ^ "McCrory Buys 197,670 Shares Of Lerner Stores Corp. Stock; COMPANIES PLAN SALES, MERGERS". The New York Times. 1961-03-08. ISSN 0362-4331. Retrieved 2025-05-20.
  10. ^ "STANLEY KUNSBERG, 76, DEAD; LED APPAREL-STORE CONCERNS". The New York Times. 1982-08-29. ISSN 0362-4331. Retrieved 2025-05-20.
  11. ^ Hammer, Alexander R. (1973-08-23). "MERGER APPROVED BY RETAIL CHAINS". The New York Times. ISSN 0362-4331. Retrieved 2025-05-20.
  12. ^ Yoshihara, Nancy (1985-02-05). "Rapid American Agrees to Sell 796 Stores : Limited Plans to Buy Lerner Chain". Los Angeles Times. Retrieved 2025-05-20.
  13. ^ "Petrie to Acquire Hartfield Stores". The New York Times. 1981-08-14. ISSN 0362-4331. Retrieved 2025-05-20.
  14. ^ Ap (1985-02-05). "The Limited to Buy Lerner Store Chain". The New York Times. ISSN 0362-4331. Retrieved 2025-05-20.
  15. ^ Tribune, Chicago (1985-02-05). "THE LIMITED TO BUY LERNER FOR $260 MILLION". Chicago Tribune. Retrieved 2025-05-20.
  16. ^ Barmash, Isadore (1985-04-09). "LERNER CANCELS ALL ORDERS". The New York Times. ISSN 0362-4331. Retrieved 2025-05-20.
  17. ^ Stevenson, Richard W. (1985-11-02). "THE LIMITED IS AIMING HIGHER". The New York Times. ISSN 0362-4331. Retrieved 2025-05-20.
  18. ^ Barron, James (1991-09-28). "Here in the Suburbs, Malls (Like Hope) Spring Eternal". The New York Times. ISSN 0362-4331. Retrieved 2025-05-22.
  19. ^ Strom, Stephanie (1993-08-31). "COMPANY NEWS; Limited Inc. to Close and Scale Back Stores". The New York Times. ISSN 0362-4331. Retrieved 2025-05-22.
  20. ^ Schiro, Anne-Marie (1999-08-17). "Where Are They Now? Sometimes, Even in Fashion". The New York Times. ISSN 0362-4331. Retrieved 2025-05-22.
  21. ^ "Bear Stearns Merchant Banking Announces Purchase of New York & Company". Irving Place Capital. Retrieved 2021-01-31.
  22. ^ "Business briefs". Sarasota Herald-Tribune. November 23, 2002. Retrieved 2025-05-21.
  23. ^ "New York & Company Announces Pricing of its Initial Public Offering". Irving Place Capital. October 6, 2004. Retrieved 2025-05-21.
  24. ^ "Eva Mendes Gives Peek at New Line, Shares Beauty Tips". ABC News; Good Morning America. Retrieved 4 April 2014.
  25. ^ a b Troy, Mike. "New York & Company in outlet overdrive". Chain Store Age. Retrieved 2025-05-21.
  26. ^ Wilson, Marianne (December 15, 2016). "Two retail chief executives to star in season premiere of 'Undercover Boss'". Chain Store Age. Retrieved 2025-05-21.
  27. ^ Howland, Daphne (November 29, 2017). "New York & Co buys Fashion to Figure assets". Retail Dive. Retrieved 2025-05-21.
  28. ^ Moore, Booth (16 August 2017). "Gabrielle Union on Her New Fashion Collection, Sharing Clothes With Hubbie Dwyane Wade and Their Top L.A. Spots". The Hollywood Reporter.
  29. ^ Howland, Daphne (November 29, 2017). "New York & Co buys Fashion to Figure assets". Retail Dive. Retrieved 2025-05-21.
  30. ^ Amato-McCoy, Deena M. "NY & Co. opens its largest flagship store to date". Chain Store Age. Retrieved 2025-05-21.
  31. ^ Edelson, Sharon (August 22, 2018). "Kate Hudson Partners With New York & Co. for Rtw Collection".
  32. ^ Howland, Daphne (September 13, 2018). "New York & Co. rebrands amid growth ambitions". Retail Dive. Retrieved 2025-05-21.
  33. ^ Wilson, Marianne. "New York & Co. is changing its name, launching new brands". Chain Store Age. Retrieved 2025-05-21.
  34. ^ Wilson, Marianne. "New York & Company to change name". Chain Store Age. Retrieved 2025-05-21.
  35. ^ Lacombe, Gabriella (2019-04-26). "RTW Retailwinds launches digital-first lingerie lifestyle brand 'Uncommon Sense'". FashionNetwork.com. Retrieved 2025-05-21.
  36. ^ Driver, Robin (2019-08-27). "RTW Retailwinds slips into second-quarter loss; announces Uncommon Sense exit". FashionNetwork.com. Retrieved 2025-05-21.
  37. ^ Howland, Daphne (December 6, 2019). "RTW to shutter up to 30 stores in coming weeks". Retail Dive. Retrieved 2025-05-21.
  38. ^ Wilson, Marianne (2019-12-06). "Owner of New York & Co. to close 27 stores in coming weeks; swings to Q3 loss". Chain Store Age. Retrieved 2025-05-21.
  39. ^ Wilson, Marianne (2020-01-10). "New York & Company parent to 'rationalize' real estate; gets NYSE listing notice". Chain Store Age. Retrieved 2025-05-21.
  40. ^ Unglesbee, Ben (February 20, 2020). "Christopher & Banks, RTW top S&P list of most vulnerable retailers | Retail Dive". Retail Dive. Retrieved 2025-05-21.
  41. ^ Howland, Daphne (March 20, 2020). "RTW Retailwinds taps new CEO from within". Retail Dive. Retrieved 2025-05-21.
  42. ^ Wilson, Marianne (2020-07-13). "Parent company of New York & Company files for bankruptcy". Chain Store Age. Retrieved 2025-05-21.
  43. ^ Tyko, Kelly. "New York & Company closing all stores in bankruptcy, going-out-of-business liquidation sales now underway". USA TODAY. Retrieved 2025-05-21.
  44. ^ Howland, Daphne (August 5, 2020). "New York & Co. parent sells e-commerce business, IP for $20M | Retail Dive". Retail Dive. Retrieved 2025-05-21.
  45. ^ Wilson, Marianne (2020-08-04). "Bankrupt parent of New York & Company sells e-commerce businesses". Chain Store Age. Retrieved 2025-05-21.
  46. ^ Wilson, Marianne (2020-10-05). "Done Deal: New York & Company sold". Chain Store Age. Retrieved 2025-05-21.
  47. ^ Wassel, Bryan (2020-08-31). "Retailwinds' E-Commerce Properties Sold To Saadia Group In Bankruptcy Auction". Retail TouchPoints. Retrieved 2025-05-21.
  48. ^ Moore, Kaarin (August 6, 2021). "New York & Company to launch first menswear collection | Retail Dive". Retail Dive. Retrieved 2025-05-21.
  49. ^ Shultz, Tyler (September 30, 2021). "Gabrielle Union's Fashion Line Relaunched by New York & Company's New Owners". Apparel News. Retrieved 2025-05-21.
  50. ^ Parisi, Danny (2024-05-19). "Weekend Briefing: Layoffs and bankruptcies continue to plague the fashion industry". Glossy. Retrieved 2025-05-21.
  51. ^ Young, Vicki M. (2024-02-09). "Future of Lord & Taylor and New York & Co. Could Be In Doubt". Yahoo Life. Retrieved 2025-05-21.
  52. ^ Young, Vicki M. (2024-03-01). "End of an Era: Layoffs and Lender Lawsuit Augur the Demise of Lord & Taylor". Sourcing Journal. Retrieved 2025-05-21.
  53. ^ "Terms & Conditions". www.nyandcompany.com. Retrieved 2025-05-21.
  54. ^ Lockwood, Lisa. "New York & Co. Signs Eva Longoria". No. 8/11/2005. WWD.
  55. ^ "Brooke Shields, Print Ad". imdb.com.
  56. ^ Marsi, Steve (6 November 2006). "Ellen Pompeo and Patrick Dempsey For New York & Company: Holiday Style". Retrieved 6 November 2006.
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