8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported: October 16, 2007): October 22, 2007

NEW YORK & COMPANY, INC.
(Exact name of registrant as specified in its charter)

DELAWARE
(State or other jurisdiction of incorporation) 1-32315
(Commission File Number) 33-1031445
(IRS Employer Identification No.)

450 West 33rd Street
5th Floor
New York, New York 10001
(Address of Principal executive offices, including  Zip Code)

(212) 884-2000
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.05 Costs Associated with Exit or Disposal Activities

On October 16, 2007, the board of directors of New York & Company, Inc. (the “Company”) approved management’s recommendation to close all 23 of the Company’s JasmineSola stores by the end of the fourth quarter, February 2, 2008 (the “closeout period”).  The decision to take this action resulted from a thorough assessment and analysis, which revealed that this strategy enables the Company to make additional investments in its New York & Company brand that can provide higher returns and profitability.

As a result of closing the JasmineSola stores, the Company anticipates recording total pre-tax charges and operating losses during the closeout period in the range of $46 million to $50 million, or $28 million to $30 million after-tax. During the third quarter, the Company anticipates recording a non-cash charge of approximately $35 million related to the impairment of intangible assets and property and equipment and a charge of approximately $0.5 million for severance payments. During the fourth quarter, the Company anticipates charges of approximately $1 million related to severance payments and between $6 million to $9 million for facilities-related and other costs.   In addition, the Company anticipates recording an operating loss for JasmineSola during the closeout period in the range of $3 million to $4 million.  The Company anticipates that the cash expenditures related to the charges and operating losses discussed above will be offset by the associated tax benefits, resulting in a minimal net cash impact for the Company.

The amounts of these charges, the operating losses and the related cash effect are preliminary and are subject to changes, pending, among other factors, the potential conversion of stores to the New York & Company concept, the outcome of negotiations with third parties and the degree of success experienced in connection with the inventory liquidation sales.

Item 2.06 Material Impairments

The information set forth in Item 2.05 is incorporated by reference into this Item 2.06.

Item 7.01 Regulation FD

On October 18, 2007, the Company issued a press release announcing, among other things, the decision to close all 23 JasmineSola stores.  The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d)  Exhibit

Exhibit No.	Description
99.1	Press release issued on October 18, 2007

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	NEW YORK & COMPANY, INC.
		/s/ Ronald W. Ristau
Date: October 22, 2007	Name:	Ronald W. Ristau
	Title:	President and
		Chief Financial Officer

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EX-99.1

Exhibit 99.1

FINAL: For release	Contact:
	Ronald W. Ristau
	President and
	Chief Financial Officer
	(212) 884-2000
	Investor/Media Contact:
	Integrated Corporate Relations
	(203) 682-8200
	Investor: Allison Malkin
	Media: Kellie Baldyga

NEW YORK & COMPANY, INC. TO EXIT JASMINESOLA TO FOCUS ON HIGHER RETURN OPPORTUNITIES

New York, NY — October 18, 2007 — New York & Company, Inc. [NYSE:NWY], a specialty apparel chain, today announced that following a thorough review of strategic alternatives for its JasmineSola store concept, the Company has decided to exit the 23 store JasmineSola chain by the end of the fourth quarter of fiscal 2007.  This decision enables the Company to focus future investments on higher return opportunities within its New York & Company brand.

Richard P. Crystal, New York & Company’s Chairman and CEO, stated: “We believe that we can generate greater shareholder value by directing our resources and capital towards growth initiatives within our core New York & Company brand and therefore have made the difficult decision to exit the JasmineSola business.”

In connection with today’s announcement, the Company currently expects to incur after tax charges to exit the JasmineSola business of approximately $28.0 to $30.0 million over the third and fourth quarters of fiscal 2007.  The majority of these charges are expected to be non-cash impairments of intangible assets and store level property and equipment.   The Company is exploring opportunities to convert existing JasmineSola locations to its New York & Company concept and to redeploy JasmineSola associates to positions in New York & Company, where feasible.

Forward-Looking Statements: This press release contains certain forward-looking statements.  Some of these statements can be identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “explore”, “continue,” “could,” “may,” “plan,” “project,” “predict”, and similar expressions and include references to

assumptions that we believe are reasonable and relate to our future prospects, developments and business strategies.  Such statements are subject to various risks and uncertainties that could cause actual results to differ materially.  These include, but are not limited to:  (i) our ability to open and operate stores successfully and the possible lack of availability of suitable locations on acceptable terms; (ii) seasonal fluctuations in our business; (iii) our ability to anticipate and respond to fashion trends, develop new merchandise and launch new product lines successfully; (iv) general economic conditions, consumer confidence and spending patterns; (v) our dependence on mall traffic for our sales; (vi) the susceptibility of our business to extreme and/or unseasonable weather conditions; (vii) our ability to retain, recruit and train key personnel; (viii) our reliance on third parties to manage some aspects of our business; (ix) changes in the cost of raw materials, distribution services or labor, including federal and state minimum wage rates; (x) our reliance on foreign sources of production, including the disruption of imports by labor disputes, political instability, legal and regulatory matters, duties, taxes, other charges and quotas on imports, local business practices, potential delays in shipping and related pricing impacts and political issues and fluctuation in currency and exchange rates; (xi) the potential impact of natural disasters and health concerns relating to outbreaks of widespread diseases, particularly on manufacturing operations of our vendors; (xii) the ability of our manufacturers to manufacture and deliver products in a timely manner while meeting our quality standards; (xiii) our ability to efficiently execute our exit strategy related to the JasmineSola business; (xiv) our ability to service any debt we incur from time to time as well as our ability to maintain the requirements that the agreements related to such debt impose upon us; (xv) the potential impact of national and international security concerns on the retail environment, including any possible military action, terrorist attacks or other hostilities; (xvi) our reliance on manufacturers to maintain ethical business practices; (xvii) our ability to protect our trademarks and other intellectual property rights; (xviii) our ability to maintain and our reliance on our information systems infrastructure; (xix) our dependence on the success of our brand; (xx) competition in our market, including promotional and pricing competition; (xxi) our reliance on the effective use of customer information; (xxii) the effects of government regulation; (xxiii) the control of our company by our sponsors; and (xxiv) other risks and uncertainties as described in our documents filed with the SEC, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to revise the forward-looking statements included in this press release to reflect any future events or circumstances.

About New York & Company, Inc.

New York & Company, Inc., founded in 1918, is a leading specialty retailer of fashion-oriented, moderately-priced women’s apparel. The Company’s proprietary branded New York & Company ™ merchandise is sold exclusively through its national network of New York & Company retail stores and online at www.nyandcompany.com. The Company currently operates 561 New York & Company retail stores in 44 states. Additionally, certain product, press release and SEC filing information concerning the Company are available at the Company’s website: www.nyandcompany.com.