Lord & Taylor Closing All Stores
Lord & Taylor will close all 38 stores and has commenced liquidation sales in both stores and online.
The apparel retailer, picked up last year by Le Tote and hard-hit by the COVID-19 pandemic, filed for Chapter 11 earlier this month. Le Tote was initially going to keep some stores open but has decided to instead shutter all of them.
The company is still entertaining options, Ed Kremer, chief restructuring officer, said in a statement.
“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,” he said.
Kremer called out the efforts of the company’s store and corporate associates over the last several months, adding “We have a long road ahead of us, and I am grateful and humbled by the dedication and resiliency of our team."
The apparel retailer joins a growing list of merchants that have been unable to recover from the widespread store closures enacted this spring to help slow the spread of the coronavirus. Other sellers that have been forced to declare bankruptcy include JCPenney, Neiman Marcus and JCrew, among others.
Lord & Taylor’s liquidation sales will be led by the joint venture of Hilco Merchant Resources and Gordon Brothers.