Lord & Taylor Liquidating More Stores
Le Tote, the bankrupt parent company of L&T, continues to seek a buyer as the retailer liquidates stores.
Lord & Taylor is stepping up its liquidation process.
Lord & Taylor’s parent company, Le Tote Inc., said Thursday that five additional Lord & Taylor stores are now also participating in the store closing sale process, which is being led by a joint venture of Hilco Merchant Resources and Gordon Brothers.
That brings the total number of L&T stores being liquidated to 24. Before the liquidation process, there were 38 L&T stores operating.
The five additional stores being liquidated are in Schaumburg, Ill.; Salem, N.H.; Rockaway, N. J.; Livingston, N. J., and Huntington Station, N.Y.
Le Tote filed for bankruptcy on Aug. 2 this year. The company is continuing to review offers for a sale of the company, including Lord & Taylor. While Lord & Taylor is steadily disappearing from the brick-and-mortar retail landscape, it’s possible its web site continues to operate through a sale.
Le Tote, a fashion subscription service, bought Lord & Taylor for $75 million a year ago. The department store had been performing poorly for several years and shut down its iconic Fifth Avenue flagship on Jan. 2, 2019, and the pandemic compounded the venerable department store’s misfortunes.
Regarding the liquidation, a spokesperson said Thursday, “Lord & Taylor customers will now save 20 to 40 percent off the lowest ticketed prices on all merchandise, with limited exceptions. We encourage shoppers to visit their nearby location now and take advantage of these significant savings before it’s too late.”
Store fixtures are also being sold at “compelling prices” as part of the closing sales, the spokesperson added.