Fashion to Figure, the plus-sized retailer that succumbed to bankruptcy this month, is finding a second life at New York & Co. Inc.
The specialty retailer said it agreed in an auction to pay $1.4 million, plus no more than $1 million in fees and expenses, for the company’s intellectual property, customer database and all in-store assets, except inventory.
New York & Co. said it expects to contact with some landlords to see about setting up new terms for certain Fashion to Figure stores. The retailer also said it expects to hire some of the company’s employees and to work with vendors to secure inventory for a relaunch early next year.
Fashion to Figure was founded in 2004 by Michael and Nicholas Kaplan — the great-grandsons of Lena Bryant, who founded Lane Bryant.
Gregory Scott, New York & Co.’s chief executive officer said: “We see an opportunity to enter into an underserved and growing segment of the women’s apparel market. In fact, NPD estimated the size of the women’s plus-size apparel market was approximately $21 billion in 2016, and has grown at more than twice the rate of the overall U.S. women’s apparel market and this outsized growth is expected to continue. We believe the combination of Fashion to Figure’s outstanding brand equity and expertise in the plus-size space coupled with New York & Co.’s operational expertise, omnichannel capabilities, strong digital business, and celebrity platform will enable us to generate significant topline growth and sustained profits with the Fashion to Figure business while ensuring to preserve its existing brand DNA.”
Scott said the company would work with the Kaplans to reintroduce the brand.