Lord & Taylor to Close All Stores After Nearly 200 Years of Business
Written by SOURCE on August 28, 2020
The country’s oldest department store is going out of business.
On Thursday, Lord & Taylor executives announced the retailer has decided to close all 38 of its remaining stores, following financial hardships exacerbated by the global pandemic.
“While we are still entertaining various opportunities, we believe it is prudent to simultaneously put the remainder of the stores into liquidation to maximize value of inventory for the estate while pursuing options for the company’s brands,” Ed Kremer, Lord & Taylor’s chief restructuring officer said in a statement to CNN.
The news comes just weeks after the 194-year-old retailer filed for Chapter 11 bankruptcy protection and announced it would only close 24 of its locations as the company tried to find a buyer. According to the New York Times, Lord & Taylor faced mounting financial struggles over the past few years, execs claimed the store was stuck between high-end luxury and discount apparel competitors.
Like most department stores, Lord & Taylor was forced to cease in-person shopping during the pandemic, which caused its profits to drastically sink.
The store, which first opened in 1826 in New York, has already kicked off its going-out-of-business sales.
“Discounts apply to existing inventory, new store arrivals and on new categories not previously sold at these stores,” liquidators Hilco Merchant Resources and Gordon Brothers said in a statement. “The historic event will also feature the sale of in store fixtures, furniture, and equipment.”
