Lord & Taylor, the first department store established in the United states, has announced that it is closing its doors for good.
After almost 200 years in business, the company let its customers and shareholders know that its 38 remaining stores and website will be having liquidations sales.
Lord & Taylor’s chief restructuring officer Ed Kremer gave a statement, saying:
“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.”
The company joined many other department stores who have filed for bankruptcy in 2020 on August 2. At first they only said that 19 stores were closing, but that number increased to 24 after a couple of weeks. Yesterday they announced that every store is liquidating all of their merchandise and closing up for good.
The store hired a liquidator called Hilco Merchant Resources and they have said that there will be massive discounts on all merchandise.
“Discounts apply to existing inventory, new store arrivals and on new categories not previously sold at these stores,” it said. “The historic event will also feature the sale of in store fixtures, furniture, and equipment.”