RTW Retailwinds, Inc. Provides Update on COVID-19 Response Initiatives
30 Marzo 2020 - 2:05PM
Business Wire
RTW Retailwinds, Inc. [NYSE:RTW], (the “Company”), today
announced that in light of the continued efforts to slow the
transmission of the coronavirus (COVID-19) pandemic and in an
effort to ensure the safety of its associates, customers and
communities, the Company is temporarily extending its previously
announced store closures. The Company will continue to monitor this
ongoing situation, relying on recommendations from the Centers for
Disease Control and Prevention (CDC), the World Health Organization
(WHO) and government officials to determine when its closed stores
will reopen. At the present time, RTW’s eCommerce platforms and
third party fulfillment center remain operational and continue to
serve customers online and through social media.
In response to the current challenges, the Company has also
announced that it has made the extremely difficult decision to
furlough all store associates as well as a significant portion of
its corporate home office associates, resulting in an approximately
eighty percent reduction in weekly payroll expense. The Company
will provide furloughed associates with continued benefits coverage
and support to identify potential government assistance during this
temporary furlough.
“In this time of unprecedented volatility and disruption to the
retail sector, we are taking the necessary actions to protect our
customers and employees, and preserve our financial liquidity and
flexibility,” said Traci Inglis, in-coming Chief Executive Officer
of RTW Retailwinds. “We are extending our store closures at this
time and have made the difficult decision to furlough employees in
our field operations and corporate home office. This was not a
decision made lightly, but one that was necessary to preserve
liquidity in order to manage our business through this challenging
time.”
The Company will continue to monitor the crisis and looks
forward to re-opening stores and recalling associates as soon as
possible while ensuring the safety of our associates, customers and
communities.
About RTW Retailwinds
RTW Retailwinds, Inc. (together with its subsidiaries, the
"Company") is a specialty women's omni-channel retailer with a
powerful multi-brand lifestyle platform providing curated fashion
solutions that are versatile, on-trend, and stylish at a great
value. The specialty retailer, first incorporated in 1918, has
grown to now operate 387 retail and outlet locations in 33 states
while also growing a substantial eCommerce business. The Company's
portfolio includes branded merchandise from New York & Company,
Fashion to Figure, and Happy x Nature, and collaborations with Eva
Mendes, Gabrielle Union and Kate Hudson. The Company's branded
merchandise is sold exclusively at its retail locations and online
at www.nyandcompany.com, www.fashiontofigure.com,
www.happyxnature.com, and through its rental subscription
businesses at www.nyandcompanycloset.com and
www.fashiontofigurecloset.com. Additionally, certain product, press
releases and SEC filing information concerning the Company are
available at the Company's website: www.nyandcompany.com.
Forward-looking Statements
This press release contains certain forward-looking statements,
including statements made within the meaning of the safe harbor
provisions of the United States Private Securities Litigation
Reform Act of 1995. Some of these statements can be identified by
terms and phrases such as “expect,” “anticipate,” “believe,”
“intend,” “estimate,” “continue,” “could,” “may,” “plan,”
“project,” “predict,” and similar expressions and references to
assumptions that the Company believes are reasonable and relate to
its future prospects, developments and business strategies. Such
statements, including information under “Outlook” above, are
subject to various risks and uncertainties that could cause actual
results to differ materially. These include, but are not limited
to: (i) the Company’s dependence on mall traffic for its sales and
the continued reduction in the volume of mall traffic; (ii) the
Company’s ability to anticipate and respond to fashion trends;
(iii) the impact of general economic conditions and their effect on
consumer confidence and spending patterns; (iv) changes in the cost
of raw materials, distribution services or labor; (v) the potential
for economic conditions to negatively impact the Company's
merchandise vendors and their ability to deliver products; (vi) the
Company’s ability to open and operate stores successfully; (vii)
seasonal fluctuations in the Company’s business; (viii) competition
in the Company’s market, including promotional and pricing
competition; (ix) the Company’s ability to retain, recruit and
train key personnel; (x) the Company’s reliance on third parties to
manage some aspects of its business; (xi) the Company’s reliance on
foreign sources of production; (xii) the Company’s ability to
protect its trademarks and other intellectual property rights;
(xiii) the Company’s ability to maintain, and its reliance on, its
information technology infrastructure; (xiv) the effects of
government regulation; (xv) the control of the Company by its
largest shareholder and any potential change of ownership of the
Company including the shares held by its largest shareholder; (xvi)
the impact of tariff increases or new tariffs; (xvii) risks
associated with the spread of COVID-19 and its potential impact on
the Company’s sales and supply chain; and (xviii) other risks and
uncertainties as described in the Company’s documents filed with
the SEC, including its most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q. The Company undertakes
no obligation to revise the forward-looking statements included in
this press release to reflect any future events or
circumstances.
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Investor Relations: ICR, Inc. (203) 682-8200 Allison
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