RTW Retailwinds, Inc. (RTW or the Company) [OTC PINK:RTWIQ], an online specialty apparel retail platform for powerful celebrity and consumer brands, announced that it closed on the sale of its e-Commerce business and all related intellectual property, including its websites, www.nyandcompany.com, www.fashiontofigure.com and its rental subscription businesses at www.nyandcompanycloset.com and www.fashiontofigurecloset.com, together with certain other assets, to Saadia Group, LLC. Their strategic investments in fashion brands utilizes their broad experience and leverages a full complement of resources to grow and expand the business. Saadia Group is acquiring Aquatalia with the vision to enter the luxury footwear market. Manhattan has an ever-increasing amount of sublease space in the wake of the coronavirus pandemic, which has started to drive down the prices on direct deals. Saadia Group, LLC paid $40 million for New York & Company's e-commerce business in September of 2020. . Factors that could cause the Company's actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to, (i) the risks associated with the spread of COVID-19 and its impact on the Company's sales and supply chain; (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) seasonal fluctuations in the Company's business; (vii) competition in the Company's market, including promotional and pricing competition; (viii) the Company's ability to retain, recruit and train key personnel; (ix) the Company's reliance on third parties to manage some aspects of its business; (x) the Company's reliance on foreign sources of production; (xi) the Company's ability to protect its trademarks and other intellectual property rights; (xii) the Company's ability to maintain, and its reliance on, its information technology infrastructure; (xiii) the effects of government regulation; (xiv) 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; (xv) the impact of tariff increases or new tariffs; (xvi) risks arising from the delisting of trading of the Companys common stock on the NYSE; (xvii) risks and uncertainties relating to the Chapter 11 cases, including but not limited to, the Companys ability to obtain Bankruptcy Court approval with respect to motions filed in the Chapter 11 cases; (xviii) the effects of the Chapter 11 cases on the Company and on the interests of various constituents; (xix) Bankruptcy Court rulings in the Chapter 11 cases and the outcome of the Chapter 11 cases in general; (xx) the length of time the Company will operate under the Chapter 11 cases; (xxi) risks associated with third party motions in the Chapter 11 cases; (xxii) the potential adverse effects of the Chapter 11 cases on the Companys liquidity or results of operations and increased legal and other professional costs necessary in the Chapter 11 cases; (xxiii) uncertainty associated with evaluating and completing any strategic or financial alternative, as well as the Companys ability to implement and realize any anticipated benefits associated with any alternative that may be pursued; (xxiv) the Companys liquidity and ability to continue as a going concern; (xxv) risks associated with any default under the Companys debt agreement; (xxvi) risks associated with the Companys ability to make payments on and to repay or refinance the Companys debt or generate sufficient cash; (xxvii) the Companys equity securities will be cancelled on or before the conclusion of the Companys Chapter 11 cases with no payment or other distribution thereon; and (xxviii) those discussed under the heading "Item 1A. Sheamus Toal, Chief Executive Officer of RTW, commented: We are delighted to have successfully closed on the sale of our business, maintaining the legacy of our New York & Company brand and continuing Fashion to Figures tremendous growth. Jack Saadia Finance Manager at Saadia Group LLC New York, New York, United States 3K followers 500+ connections Join to view profile Saadia Group LLC Activity Over the last few days we've. We believe in the New York & Company. Saadia Group Acquires Visibility Across its Portfolio with NetSuite. We look forward to building this brand and are enthusiastic to continue to add to our portfolio within the luxury market." Share this article As an equal opportunity employer, the Saadia Group does not discriminate in hiring or terms and conditions of employment because of an individual's race, color, gender, sexual orientation, genetic disorder, age, religion, disability, national origin, marital status, or any other characteristic protected by law. Catering to a diversified portfolio of consumer products across multiple categories targeting all age demographics from Fashion Apparel in Men's, Women's & Kids, Footwear, Accessories, Home Textiles, Furniture and more. The 41,000-square-foot space is a far cry from what Lord & Taylor was before it gave up its, Lord & Taylor to close storied flagship on Fifth Avenue, Lord & Taylor is returning to the city with a mini store, Ex-ABC News anchor Amy Robach and actor Andrew Shue offload West Village co-op, Flatiron Building is headed to auction following dispute between owners, A Sutton Place resident accuses his building of scheming to sink a sale, Transit union blocks plan to realign subway service around hybrid work patterns, Old-school dive Subway Inn reopens after eight months ofliquor license limbo. Jan 2010 - Present13 years 3 months. And tenants have been increasingly putting their offices up for sublet since June. from 8 AM - 9 PM ET. "Lord & Taylor has a deep retail history that spans 195 years and a tradition of innovation and countless fashion firsts," said Jack Saadia, principal and cofounder of the Saadia Group. Jack Saadia, principal and co-founder of the Saadia Group, sought a brand-appropriate space for Saadias recently acquired brands and tapped Savills for a strategic plan that included identifying an ideal location; one that would allow Lord & Taylor and New York & Company to quickly establish operations while maintaining a New York City presence and accommodating future growth, Savills Zang said in a statement. CASE NO. The Saadia Group has launched famed American brand and former department store Lord & Taylor as a digital Collective Store. "The addition of Aquatalia to our growing family of brands strengthens our reach and the ability to serve additional consumers," said Saadia Group principal and co-founder Jack Saadia. margin: 0 45px; Amazon picked up the property last year for $1.15 billion and plans to open a 2,000-person office in it. Saadia Group, which recently bought department store Lord & Taylor, inked a deal to take 41,000 square feet at 275 Madison Avenue, brokers on the deal confirmed. Perry Mandarino, Senior Managing Director and Gideon Rosenbaum, Director of B. Riley Securities, an affiliate of B. Riley Financial, Inc. (NASDAQ:RILY), are serving as the investment banker to the Company; Ryan Jareck and Michael Sirota, Members of Cole Schotz P.C. The office is being subleased from real estate firm Cushman & Wakefield, which had been looking for a subtenant even before the pandemic hit. Number of Organizations that the person founded, Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Where the person is located (e.g. color:rgb(46,179,178); The investment firm, which acquired Lord & Taylor and New York & Company in a bankruptcy auction, will operate the brands as an e-commerce business out of its new 275 Madison Avenue headquarters, according to Crains. All parties were offered the opportunity to cross-examine the witnesses who were available by telephone, but no one This is an example of a sitewide notice - you can change or remove this text in the Customizer under "Store Notice" Dismiss. We are pleased to achieve a going-concern transaction that will preserve a large number of jobs within our corporate organization and deliver a meaningful recovery to unsecured creditors, said Rob Shapiro of BRG and Chief Restructuring Officer to RTW. We believe in the New York & Company and Fashion to Figure brands and the opportunity to use these e-Commerce platforms to continue to grow the business as we move forward. authenticate users, apply security measures, and prevent spam and abuse, and, display personalised ads and content based on interest profiles, measure the effectiveness of personalised ads and content, and, develop and improve our products and services. Yossi Kbabieh, Sales Manager for Saadia Group, knew it was clear that sales were moving online as early as the mid-2000s. See all Saadia Group LLC current commercial real estate listings and brokers from the Saadia Group LLC office at 1 W 34 St, New York, NY 10001. padding-left: 10px!important; C&W put the 275 Madison office which it took over after it acquired Massey Knakal up for sublease before the coronavirus pandemic hit, and Saadia was able to nab the space at a 30 percent discount compared with direct spaces in the building, according to tenant broker Savills. All of Cushmans furniture, fixtures and equipment were included. Skustack eliminated questions like where is this? We know exactly where everything is at all times, Jack Saadia mentioned. JUDGE: RAUL A. SAHAGUN #5. 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. Saadia Group, which recently bought department store Lord & Taylor, inked a deal to take 41,000 square feet at 275 Madison Avenue, brokers on the deal confirmed. Instead, the office will be used as a showroom and for administrative staff. The investment firm, which acquired retailers Lord & Taylor and New York & Companyin a bankruptcy auction in October 2020, will operate the brands as e-commerce businesses with a new headquarters at RPW Group's275 Madison Ave. "We are excited to have Gabrielle Union join the Saadia Group, her brand is the perfect fit for our family of brands. Childrenswear, fashion accessories and footwear will join the mix in the second half of 2021. Saadia Group to Operate the e-Commerce Business as an Ongoing Business. Asking rent was $49 per square foot, a source with knowledge of the deal said. NEW YORK, April 16, 2021 /PRNewswire/ --Today, The Saadia Group officially launched the iconic American brand, Lord & Taylor as a digital Collective Store. The company will be joined there by several businesses in Saadias portfolio. Click below to see everything we have to offer. Because SM's interest is equity, Saadia's claim that it controls the vote under Section 18-402's default standard falls apart, as it is SM (not Saadia) that has the far greater interest in the Company. It also picked up the e-commerce business of. Current owner The Saadia Group has relaunched iconic American brand Lord & Taylor as a digital-only store. color: #ddd; Sponsored Content: You Dont Need a CIO or an IT Guy! Read the latest edition of the Commercial Observer online! Visit Website. 52h, New York, NY 10001: 2022-05-23: Venture Plus Partners LLC: 42 broadway, 12-208, New York, NY 10001: 2022-05-27: Platinum Cloud LLC: The New York City based investment firm will leverage the contiguous space as the new . It also picked up the e-commerce business of New York & Companyowners RTW Retailwinds last year, which it has kept operational even as the retail shops shuttered. , inked a deal to take 41,000 square feet at. We are excited to offer our product development expertise to relaunch her line bigger than before, with product at New York & Company and a debut at Lord & Taylor," said Jack Saadia, principal and cofounder of The Saadia Group.. "Our customers have been asking for the . We also look forward to partnering with the Saadia Group, LLC and its principal, Jack Saadia, along with his dynamic team as they become a major force in the e-Commerce apparel sector., Mr. Toal continued: I would like to thank all of our associates both in our brick-and-mortar stores and within our headquarters for the tremendous dedication, hard work and professionalism that they have shown through extremely challenging times this past year. (650) 747-8331. 542) was offered as evidence by Saadia. Don't miss the chance to get the biggest news first! } Lord & Taylor was sold to Le Tote, a women's clothing rental company, for $100 million in 2019, but Le Tote went bankrupt inAugust 2020. Crains New York Business is the trusted voice of the New York business communityconnecting businesses across the five boroughs by providing analysis and opinion on how to navigate New Yorks complex business and political landscape. 1/5. not a debt instrument. According to Jack Saadia, principal of investment firm Saadia Group, which bought Lord & Taylor for $12 million in October 2020, the 194-year-old department store has a "powerful legacy" with . Saadia Group, Lord & Taylors new owner, is taking the once-sprawling retail empire, which had anchored a 660,000-square-foot building on Fifth Avenue, and packing it into three floors of a Midtown office. Bridging the gap between style and function, Aquatalia sets a new standard in fine footwear and accessories. We are leaders in multi-category Product Manufacturing, Wholesaling and Retailing. In 2020Amazon took it off WeWorks hands for nearly $1 billion. This outcome is particularly satisfying given the current environment, where many retailers bankruptcy filings have resulted in full liquidations and minimal distributions due to COVID-19, Mr. Shapiro added. Jack Saadia, Principal and Co-Founder of Saadia Group said: "The addition of Aquatalia to our growing family of brands strengthens our reach and the ability to serve additional consumers. Saadia Group Finance Manager, Principal, and Co-founder Mar 1996 Related Hubs Recent News and Activity There is no recent news or activity for this profile. . Contact. The space will look nothing like Lord & Taylors previous 660,000-square-foot flagship on Fifth Avenue. . .article-native-ad svg { The Digital Collective is a nimble way for the brand to continue existing with its rich, 195-year history. The corporation number is #3922496. . The space will be used as a showroom and for administrative staff. "The future of retail is fast and agile, mirrored by our team which has managed to put together a fantastic assortment of merchandise and a website in record time of less than 120 days," said Jack Saadia, principal and co-founder of The Saadia Group, in a statement. Saadia Group, Lord & Taylors new owner, has found a new office in Midtown. Today's unveil is just the beginning.". Jack Saadia, principal and cofounder of Saadia Group, said his business has "continued to shift and grow, especially through the pandemic until now, and as we've pivoted largely from a. A spokesperson for C&W declined to comment. We believe in progressive thinking and dont shy away from challenging conventional thinking and the status quo. Office availability hit 15.5 percent in February, the worst on record, according to Colliers Internationals monthly market snapshot. We believe in the New York & Company and Fashion to Figure brands and the opportunity to use these e-Commerce platforms to continue to grow the business as we move forward. To that end, we evaluated the market and identified a plug-and-play opportunity at 275 Madison Avenue that allowed for immediate occupancy and minimal up-front capital expenditure costs.. The Challenge The firm signed a sublease with Cushman & Wakefield for the space at RPW Group's 43-story Midtown building between 39th and 40th streets, Crain's New York first reported. When typing in this field, a list of search results will appear and be automatically updated as you type. Catering to a diversified portfolio of consumer products across multiple categories targeting all age demographics from Fashion Apparel in Mens, Womens & Kids, Footwear, Accessories, Home Textiles, Furniture and more. Stay connected to New York business news in print and online. Established in 1994 and crafted in Italy . We see significant opportunities to grow our digital footprint through brand extensions, targeted brand marketing and comprehensive consumer engagement. The Saadia Group is deeply committed to continue the rich legacy of the heritage brand in a modern, progressive way. The investment firm bought the intellectual property rights to Lord & Taylor in a $12 million cash bid at a bankruptcy auction in 2020and acquired New York & Companyfor $66 million, with plans to continue operating them exclusively online. We hold these values proud and high throughout the company, our community, and in our way of doing business. Now Saadia Group is planning Lord & Taylor's revival with a revamped website that initially will focus on women's and men's apparel, homewares and beauty, according to Women's Wear Daily. Saadia Group has agreed to acquire the assets of its first luxury fashion label, Aquatalia, from Global Brands Group in a $23 million cash deal. Saadia purchased New York & Co. and sister brand Fashion to Figure, a plus-size retailer, for $40 million. SAADIA SQUARE LLC v. ALL-WAYS PACIFIC, LLC. Cushman inherited the space from Massey Knakal after acquiring the company in 2015. NEW YORK, Sept. 22, 2021 /PRNewswire/ -- Saadia Group, a multi-brand, end-to-end platform known for being leaders in product manufacturing, wholesaling, retailing, and distribution, proudly. The platform is made to fit and evolve with the ever-changing customer. .article-native-ad strong { padding:0!important; Today's unveiling is just . margin-bottom: 20px; The Saadia Group has redeveloped 10 million square feet of commercial space and 12 million . We looked at several softwares, but Sellercloud and Skustack were the perfect solutions we had been looking for; it answered almost all of the questions we had been asking ourselves about how we could move our operations in-house Kbabieh said. They had been struggling with day-to-day processes like tracking inventory, product features and editing listings online and needed a solution to help them maximize their operational efficiency and cut labor costs. "We are deeply committed to continuing the brand's rich legacy in a progressive way. And in the case of Toys R Us, weve seen the brand shut down, reopen, To Read the Full Story Become an Adweek+ Subscriber. Catering to a diversified portfolio of consumer products across multiple categories. To learn more about the brand, visit www.lordandtaylor.com, and look out for further updates on the official social channels. Saadia Group is a consumer goods company that sells both on e-commerce and wholesale. Under Saadia Direct, the iconic American brand will make its digital comeback and will be relaunched as America's first Collective Store. first reported. Though Cushman put its office space on the market prior to the pandemic, the market has since spiraled as more companies embrace the cost-savings associated with remote work. Sheldon Gross Realty said Wednesday that investment firm The Saadia Group recently closed on a 135,668-square-foot industrial facility, which sits on nearly 6 acres across Middlesex and Union. It also received a 30 percent discount on the buildings direct pricing, according to Gabe Marans, a broker at Savills. E-commerce has been hurting brick-and-mortar retail since long before the pandemic. Jack Saadia, principal and cofounder of Saadia Group, said his business has "continued to shift and grow, especially through the pandemic until now, and as we've pivoted largely from a. A buyer financed by the private investment firm of Michael S. Dell boosted its bid at the last minute to win the most valuable properties of bankrupt retailer Toys "R" Us Inc. in a court . If we didnt have Sellercloud we wouldnt have been able to expand to the channels and marketplaces that we did. The Company filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey (the Court) on July 13, 2020. Aquatalia offers the finest combination of fashion, quality and comfort in luxury footwear and is the first to mix distinctive Italian design with innovative weatherproof and stain-resistant technology. It stands on a shallow indentation of the seacoast about thirty kilometres north of the Dniester River estuary. Jack Saadia, Principal and Co-Founder of Saadia Group, added: "The addition of Aquatalia to our growing family of brands strengthens our reach and the ability to serve additional consumers.. Established in 1994, Aquatalia footwear adheres to the tradition of meticulous Italian shoemaking. San Francisco Bay Area, Silicon Valley), Total number of current Jobs the person has, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs, Finance Manager, Principal, and Co-founder. - More than half of the sprawling, 1.5 million square feet former Toys "R" Us warehouse in Flanders has been leased to a global logistics solution company With Aquatalia's history of style and craftsmanship, Saadia Group sees it as the perfect label to begin their portfolio within the luxury fashion world. A spokeswoman for Saadia Group said it's negotiating a lease with an unidentified tenant that would bring 300 to 1,000 jobs to the 765,000-square-foot complex, depending on the time of year. Jack Saadia, Principal and Co-Founder of The Saadia Group said: "The future of retail is fast and agile, mirrored by our team which has managed to put together a fantastic assortment of merchandise and a website in record time of less than 120 days. As for the Lord & Taylor building, it has changed hands several times since the retailer moved out. Contact a Saadia Group LLC broker for inquiries about any of their available listings for sale or lease. Certain hearsay statements in the Saadia Declaration were not admitted as evidence based on the Debtors' objections but most of the Declaration was allowed. Solemates is a revolutionary foldable flats company catering to the aching feet of every hard working woman! . Media Contact: Cat Eschert [emailprotected], Cision Distribution 888-776-0942 Saadia Group, Lord & Taylor's new owner, is taking the once-sprawling retail empire, which had anchored a 660,000-square-foot building on Fifth Avenue, and packing it into three floors of a. - Marketing has picked up for the former Toys 'R Us warehouse in Flanders, which closed last year and was purchased for $90 million as part of Finally, I wanted to thank the Retailwinds, Inc. Board of Directors, who supported us through this process as well as our extraordinary team of legal and financial advisors from Cole Schotz, BRG and our investment banker, B. Riley Securities, who were able to attract several interested parties and execute this transaction in the middle of an unprecedented pandemic., Jack Saadia, Chief Executive Officer of Saadia Group, LLC, commented: We are delighted to have successfully closed on the purchase of this business. "The future of retail is fast and agile, mirrored by our. It was truly an honor to lead and partner with such an amazing group of individuals. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially. The acquisition was approved by the U.S. Bankruptcy Court for the Southern District of New York last week and is expected to close in the next few weeks. Indeed, SM has an 86% equity interest in the Company, further demonstr ating the baselessness of Saadia's attempt The funding supports Saadia Group's acquisition of RTW's e-commerce brands, New York & Company and Fashion to Figure, and their . As America's first and oldest department store, Lord & Taylor has been the favorite store for generations of shoppers and launched the careers of several American designers. Saadia scored a more than 30% discount on the buildings direct pricing, said Gabe Marans, a broker at Savills who represented Saadia in the deal. View source version on businesswire.com: https://www.businesswire.com/news/home/20201002005463/en/, Fed's Barkin says he could see rates at 5.5%-5.75%, Silvergate suspends crypto payments network; shares fall after-hours, Argentina inflation seen speeding in 2023, central bank poll shows, GEMINI SAYS INVESTIGATING REPORTS OF POTENTIAL SERVICE DISRUPTIO, Ex-Goldman banker Ng deserves 15 years in prison, US prosecutors say, Storms in US South kill at least 7, head to Northeast, MUSK DELAYED PAYING TWITTER'S AMAZON CLOUD BILL, SPARKING AD THR, SILVERGATE SAYS SILVERGATE BANK HAS MADE A RISK-BASED DECISION, Indonesian officials call for audit after Pertamina fire kills 13, TWITTER'S REVENUE, ADJUSTED EARNINGS FELL ABOUT 40% IN MONTH OF. Jack Saadia, principal and cofounder of Saadia Group, said his business has "continued to shift and grow, especially through the pandemic . This dispute centers around the October 30, 2018 deposition of Jack Saadia. Retail brand leaders will gather at Commerceweek to discuss how to reimagine the customer journey. ABOUT LORD & TAYLORFounded in 1826, Lord & Taylor is America's first and oldest department store. Copyright 2023 Surperformance. Find out more about how we use your personal data in our privacy policy and cookie policy. Media Contact:Brandon McDaniel [emailprotected], Cision Distribution 888-776-0942 We are a family operated organization, with a community-first mindset. YourSolemates. In October, Saadia bought Lord & Taylor, one of the oldest department stores in the country, in a bankruptcy auction from Le Tote for $12 million, Bloomberg reported. Will subleases flood the market? Fort Monmouth redevelopment: New craft brewery from former Kane head brewer coming to fort commissary.
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