New York & Company — 102 years, 800 stores, and a pandemic that finished it

New York & Company began life in 1918 as Lerner Shops, founded by the Lerner family in New York City. It grew into one of America's oldest and largest women's apparel chains, reaching nearly 800 stores and $700 million in annual sales by the 1980s. In 1985, Les Wexner's Limited Brands acquired Lerner Shops for $297 million, eventually rebranding the chain as New York & Company. For decades, it served as a workwear destination for women who wanted department-store quality at affordable prices — a step above H&M but below Macy's.

By the 2010s, New York & Company was struggling. Fast fashion chains like H&M and Forever 21 eroded its middle-market position, and the shift to e-commerce hit a brand whose core customer still shopped in malls. In 2018, L Brands spun off New York & Company and several other struggling chains into a new company called RTW Retailwinds — effectively creating a vehicle for brands it no longer wanted. The spin-off loaded the new entity with the weakest properties and minimal investment.

RTW Retailwinds filed for Chapter 11 bankruptcy on 2 July 2020, at the height of the COVID-19 pandemic. All New York & Company stores — already reduced to roughly 400 locations — were closed. The brand was sold at auction to Saadia Group, which relaunched it online. Saadia Group defaulted on a $45 million loan in 2024, and control passed to the creditor's appointed entity. The 102-year-old retail name survived in name only, as an e-commerce workwear label.