New York & Co. reported that its loss widened in the third quarter to $6 million from $4 million last year. Sales dropped to $216.7 million, compared with $238.2 million a year earlier. Same-store sales decreased 5.2 percent.
New York & Company announced that it's promoted Gregory Scott, president, to the role of CEO, effective Feb. 12. As previously announced, Richard Crystal, current chairman and CEO, will retire from the company and its board of directors effective Feb. 11. Grace Nichols, who has served as a director since March 2008, will assume the role of non-executive chair of the board effective Feb. 12. Scott will remain a director of New York & Company’s board, which will be comprised of ten members.