Lord & Taylor, the oldest department store in the U.S., is officially closing all of its 38 stores after a 194-year run.
After filling for bankruptcy on Aug. 2, the retailer and its parent company Le Tote have been seeking a buyer for Lord & Taylor. It previously announced it was closing 24 doors.
“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, the company’s chief restructuring officer, in a statement.
While going-out-of-business sales have already started at the locations previously targeted for closing, today will mark the start of sales at the remaining units.
The company said there would be deep discounts both in store and online.
For updated store status and current hours of operation, go here.
Lord & Taylor this month filed for Chapter 11 protection in the United States Bankruptcy Court for the Eastern District of Virginia. According to the filing, it owes millions of dollars to 10 companies, as well as hundreds of thousands to at least 20 more firms.
The retailer’s largest creditor is the Israel-based Liquidity Capital II LP, with an unsecured claim of $8.5 million. It also owes $4.7 million to G-III Leather Fashions Inc., $3.5 million to Polo Ralph Lauren Clothing and $2.1 million to Michael Kors LLC.
Lord & Taylor is just one of the major retailers who went into bankruptcy this summer. JCPenney is closing hundreds of stores as part of its restructuring, and it’s also looking for a buyer. Neiman Marcus, J. Crew and Steinmart are some of the other big names who filed Chapter 11 in the past few months.
