International News - New York & Co set to boost its funds via float

US fashion retailer New York & Co plans to raise US$172.5 million (£95.5 million) through an IPO on the New York Stock Exchange.

The store group's target is value-conscious, female city workers. It is 85 per cent-owned by bank Bear Stearns.

New York & Co reported net income of US$26.9 million (£14.9 million) last year on sales of US$962 million (£532 million). A US$7 million (£3.9 million) loss was made in 2002.

There are 468 stores in 43 states under fascias Lerner New York and New York & Co.

The application was made on Monday, but the number of shares and the anticipated price range were not disclosed.