The country’s oldest department store retailer is still looking for a white knight even as more of its stores are going dark.
Lord & Taylor and its owner, fashion rental subscription company Le Tote, said they are continuing to review offers for a sale of the retailer. The two companies filed for Chapter 11 bankruptcy protection at the beginning of August.
At the time of the filing, Le Tote started store closing sales, led by a joint venture of Hilco Merchant Resources and Gordon Brothers, at 19 of Lord & Taylor's 38 locations. It has now added five additional locations to the list: Schaumburg, Ill., Salem, N.H.; Rockaway, N.J.; Livingston, N.J.; and Huntington Station, N.Y. (See end of article for a complete list of all the closings.)
“Lord & Taylor customers will now save 20%-40% off the lowest ticketed prices on all merchandise, with limited exceptions”, a spokesperson for the joint venture stated. “Store fixtures are also being sold at as part of the closing sales.
Kirkland & Ellis LLP is acting as legal advisor to the company and Berkeley Research Group, LLC is acting as restructuring advisor. Nfluence Partners is acting as the company’s investment banker.