Lord & Taylor, the first department store established in the United States, has announced it would be closing all of their 38 stores despite previously attempting to keep 14 locations open.
After conducting business for 194 years, Lord & Taylor, who was last year sold to a French company called Le Tote, filed for bankruptcy under Chapter 11. According to the reports, both entities filed for bankruptcy separately.
“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, the Chief Restructuring Officer of Le Tote, revealed in a statement.point 634 | 1
As the company revealed, Lord & Taylor’s remaining open stores will hold a sale on the upcoming Thursdays whereas the out-of-business sale will include everything from furniture to equipment and fixtures.
Lord & Taylor is one of many retailers who have filed for Chapter 11 since the start of the coronavirus pandemic and consecutive loss of sales due to lockdowns.
Some of the retailers forced into bankruptcy by the unexpected turn of events include J. Crew, Men’s Wearhouse, Neiman Marcus, Jos. A. Bank, Stage Stores, J.C. Penney, and Ascena Retail Group.
Filing for Chapter 11 protection was also Brooks Brothers, America’s oldest men’s clothier that had dressed 40 U.S. presidents since its establishment in 1818.
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Replaced!