Lord & Taylor expands closing sales to all stores
The country’s oldest department store is inching closer to shuttering all its stores.
Lord & Taylor and its owner, fashion rental subscription company Le Tote, are expanding going out of business sales to all of Lord & Taylor’s 38 stores, starting Aug. 27. The two companies filed for Chapter 11 bankruptcy protection at the beginning of August with plans to pursue a buyer for the iconic brand.
At the time of the filing, store closing sales commenced at 19 Lord & Taylor stores. Last week, five additional locations were added to the list.
“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,” stated Ed Kremer, the company’s chief restructuring officer. “I am extraordinarily proud of the continued efforts of our store and corporate team members as they have worked tirelessly over the past several months, under unprecedented conditions, to preserve this historic brand.”
The going out of business sales across Lord & Taylor will continue to be led by the joint venture of Hilco Merchant Resources and Gordon Brothers. Deep discounts plus departmental promotions will be effective throughout the sale process in store and online, the company said. In-store fixtures, furniture and equipment will also be for sale.