Women’s apparel retailer New York & Co. and plus-size sister brand Fashion to Figure are set to be sold for $40 million, double the amount offered after their parent company filed for bankruptcy, WSJ Pro Bankruptcy reported. RTW Retailwinds Inc. said yesterday that New York-based investor Saadia Group LLC was the winning bidder at a bankruptcy auction for the two chains’ e-commerce business and all related intellectual property. Saadia Group plans to operate the brands’ e-commerce business as RTW winds down their brick-and-mortar retail operations. Saadia outbid apparel company Sunrise Brands LLC, which had been named the lead bidder, or stalking horse, for the assets with a $20 million offer. Los Angeles-based Sunrise Brands sells branded and private-label jeans and other casual apparel under brands including American Rag and Seven7 Jeans.
