*With retail stores declining amid COVID-19, Lord & Taylor, one of the country’s oldest department store chains, is going out of business after filing for bankruptcy earlier this month.
The company announced Thursday that it will permanently close the remaining 38 stores and shut down its website. The retailer is currently holding going out of business sales in stores and online.
“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.
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Lord & Taylor, the first department store ever established in the U.S., is closing its doors for good. The company wasn’t able to find a buyer after it filed for bankruptcy. MORE: https://t.co/j9MFnOJDZb pic.twitter.com/IvPiLqPndu
— Eyewitness News (@ABC7NY) August 28, 2020
The store first opened in 1826 in New York. Its going-out-of-business sale was announced in a post on Instagram (see below).
“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.”
In the IG post, the company wrote, “Lord & Taylor is Going Out of Business! Shop today and save 20-40% off everything storewide! Buy One, Get One on kid’s apparel and swimwear for the entire family! Shop this Going Out of Business sale now while selection is best!”
The high-end retailer was in business for 194 years, but filed for bankruptcy on August 2.
Last year, Lord & Taylor was sold to the French rental clothing company Le Tote Inc. for a reported $100 million.Â
Following the bankruptcy filing, the company failed to find a new buyer.Â
Lord & Taylor was reportedly facing a grim financial future even before the coronavirus pandemic.Â
Last year, the 11-story famed flagship store on New York’s Fifth Avenue (which opened in 1914) was shut down. Amazon.com is reportedly turning the century-old building into an office for its tech workers.
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