Lord & Taylor, the oldest department store in the United States, is closing.
CNN reported that, in a change from last week’s decision to keep 14 of its locations open, the retailer is instead of closing all 38 of its remaining stores. Those stores and the Lord & Taylor website have started liquidation sales.
On the retailer’s official Instagram page, a going out of the business sale for 20-40% off everything in the store was announced.
“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.
Lord & Taylor filed for Chapter 11 bankruptcy protection on Aug. 2. It joins retailers like Catharines and New York & Company that are closing for good amid the spread of COVID-19.
Exact closure dates have not been announced.
About the Author
The Latest
Featured
