Beauty Packaging Staff08.28.20
After 194 years, Lord & Taylor is officially going out of business.
The retailer filed for bankruptcy on August 2, joining a string of retailers filing for Chapter 11 in recent months. It initially announced 19 stores were closing, then increased that number to 24 a few weeks later. Now it says that every store will close for good, including the website.
"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," said Ed Kremer, Lord & Taylor's chief restructuring officer in a statement.
It has been a difficult year for the brick-and-mortar retail industry, which already had been struggling, even before the coronavirus pandemic exacerbated problems.
JCPenney, Neiman Marcus and Sears have also filed for bankruptcy during the coronavirus pandemic, along with Brooks Brothers, New York & Company, Sur La Table, Pier 1 Imports and Lucky Brand.
The retailer filed for bankruptcy on August 2, joining a string of retailers filing for Chapter 11 in recent months. It initially announced 19 stores were closing, then increased that number to 24 a few weeks later. Now it says that every store will close for good, including the website.
"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," said Ed Kremer, Lord & Taylor's chief restructuring officer in a statement.
It has been a difficult year for the brick-and-mortar retail industry, which already had been struggling, even before the coronavirus pandemic exacerbated problems.
JCPenney, Neiman Marcus and Sears have also filed for bankruptcy during the coronavirus pandemic, along with Brooks Brothers, New York & Company, Sur La Table, Pier 1 Imports and Lucky Brand.
