NEW YORK - A fashion retailer with stores in Boardman and Grove City says it may close all 378 stores around the country after its parent company has filed for bankruptcy.

Filing petitions for Chapter 11 bankruptcy on Monday, RTW Retailwinds announced that it expects to close “a significant portion”, if not all, of its New York and Company brick-and-mortar stores.

Here in the Valley, New York and Company has stores at the Southern Park Mall in Boardman and Grove City Premium Outlets in Mercer County.

Although a store closing and liquidation process will begin, the company says it will continue to operate its business including continuing to re-open its previously temporarily closed stores “when and where appropriate”.

"The combined effects of a challenging retail environment coupled with the impact of the Coronavirus pandemic have caused significant financial distress on our business, and we expect it to continue to do so in the future,” said Sheamus Toal, CEO of RTW. “As a result, we believe that a restructuring of our liabilities and a potential sale of the business or portions of the business is the best path forward to unlock value.”

The company says it is evaluating alternatives, including the potential sale of its eCommerce business and related intellectual property.