Lord & Taylor closing last Chicago-area stores

Chicago-area shoppers can say goodbye soon to the Lord & Taylor department stores.

Once a leading chain, Lord & Taylor is closing its last two stores in Illinois — at Northbrook Court in Northbrook and Woodfield Mall in Schaumburg. It moved out of Water Tower Place in 2006.

The Northbrook closing was announced earlier this month. The Schaumburg shutdown was disclosed Thursday. Owned by fashion rental service Le Tote, Lord & Taylor is operating under Chapter 11 bankruptcy and is seeking a buyer.

A statement issued by Hilco Merchant Resources, which is managing the shutdowns, did not give a date for the closings. It said merchandise is being marked down by 20% to 40%.

In all, Lord & Taylor is closing 24 stores in the U.S.