Five more stores are closing their doors, bringing the total number of Lord & Taylor stores closed to 24. That leaves just 14 locations open, a remarkable decline for the nearly 200-year-old retailer – the first department store to open in the United States States is established States.
Sales on inventory will be up to 40% short, the company announced Thursday, with even the stores’ fixtures being sold at “compelling prices.” It is unclear how long the sale will last. Lord & Taylor has primarily locations on the east coast.
Lord & Taylor filed for bankruptcy on August 2, joining a string of upscale retailers filing for Chapter 11 in recent months, including Neiman Marcus and Brooks Brothers.
The company was once a stronghold of high-end fashion. Hudson’s Bay Company acquired Lord & Taylor in 2012 before selling it in 2019 to Le Tote, Inc., a fashion rental service, for $ 75 million. Le Tote sought to redesign the brand with a pop-up store in New York City and remodel its remaining stores with a focus on technology.
A full list of store closures can be found here.
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