- Lord & Taylor is reportedly preparing to liquidate its stores as soon as they reopen, Reuters reports.
- The nearly 200-year-old department store chain has closed all 38 of its stores due to coronavirus restrictions.
- “The company is working through various options at this time and is declining to comment,” a spokesperson for Le Tote, Lord & Taylor’s parent company, told Business Insider.
- Visit Business Insider’s homepage for more stories.
By guest author Hayley Peterson from Business Inside
Lord & Taylor is reportedly preparing to liquidate its stores as soon as they reopen, Reuters reports citing people familiar with the matter.
The company has selected liquidators to operate its going-out-of-business sales and is preparing to permanently close its stores following those sales, according to the report.
The nearly 200-year-old department store chain has closed all 38 of its stores due to coronavirus restrictions.
A spokesperson for Lord & Taylor parent company Le Tote told Business Insider, “The company is working through various options at this time and is declining to comment.”
Lord & Taylor did not immediately respond to a request for comment.
Additional financing or some other intervention could enable the company to avoid liquidation, Reuters’ sources said.
Reuters also reported last month that Lord & Taylor was considering filing for bankruptcy.
Following that report, Lord & Taylor deleted its Instagram and Twitter accounts and stopped sharing updates to its official Facebook page, as Business Insider’s Bethany Biron reported.