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Lord & Taylor is holding sales at all locations and their online store as the company joins a list of retailers that have collapsed in the coronavirus pandemic.
The sale, led by the joint venture of Hilco Merchant Resources and Gordon Brothers, will take place in the 194-year-old brick-and-mortar store and online store of the 194-year-old brand. The discounts will apply to all existing inventories, new arrivals from stores and on new categories not previously sold at these stores.
Luxury department STORE HERE & TAYLOR files for bankruptcies
“This out-of-business event gives retailers the opportunity to take advantage of exceptional savings on notable markets at rarely seen discounts,” a joint venture spokesman said.
LORD & TAYLOR CLOSES 19 STORES IN THESE LOCATIONS IN BANKRUPTCY REORGANIZATION
Earlier this month, Le Tote – which bought Lord & Taylor for $ 75 million in 2019 – filed for bankruptcy in Chapter 11, saying it was looking for a buyer who would not liquidate.
“While we still miss several opportunities, we believe it is wise to put the rest of the stores into liquidation at the same time to maximize the value of the inventory for the estate while pursuing options for the Company’s markets. , “said Le Tote’s chief restructuring official, Ed Kremer, that she has a” long way to go. “
Pedestrians walk past a shuttered Lord and Taylor department store in Garden City, New York on May 12, 2020. (Photo by Bruce Bennett / Getty Images)
Following the submission, Lord & Taylor announced that they had closed 19 of their retail locations.
The luxury retailer was previously forced to temporarily close its brick and mortar locations earlier this year, as a result of the pandemic, but continued to operate through its online marketplace.
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