Lord & Taylor Raises Store Closings to 24 as the Search for a New Owner Continues
Lord & Taylor and its owner, fashion rental subscription company Le Tote, continue to review offers for a sale of the country’s oldest department store retailer, as it announces more store closings.
The company has added five Lord + Taylor stores to the list of store closings. Le Tote and the nearly 200-year-old department store filed for Chapter 11 bankruptcy protection in August to overcome “the unprecedented strain the COVID-19 pandemic” placed on the business.” Le Tote started store closing sales at 19 of Lord & Taylor's 38 locations. The five additional stores now set to close include: Schaumburg, IL, Salem, NH, Rockaway, NJ, Livingston, NJ, and Huntington Station, NY. All 24 locations are already conducting store closing sales and significant price reductions. Store fixtures are also being sold as part of these closing sales.
"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. "We encourage shoppers to visit their nearby location now and take advantage of these significant savings before it's too late."
The store closing sale process is led by a joint venture of Hilco Merchant Resources and Gordon Brothers. Nfluence Partners is acting as the company's investment banker and a joint venture of Hilco Merchant Resources and Gordon Brothers are managing the company's store closing sales. Kirkland & Ellis LLP is acting as legal advisor to the company and Berkeley Research Group, LLC is acting as restructuring advisor.