There will soon be only 14 Lord & Taylor stores left

By guest author Jordan Valinsky from CNN Business

Bankrupt department store Lord & Taylor is liquidating and closing more locations than it originally planned when it filed for Chapter 11 earlier this month.

Five more stores are closing their doors, bringing the total number of Lord & Taylor stores shutting down to 24. That leaves just 14 locations open, a remarkable decline for the nearly 200-year-old retailer — the first department store established in the United States.

Sales on inventory will be up to 40 % off, the company announced Thursday, August 20, 2020, with even the stores’ fixtures being sold at “compelling prices.” It is unclear how long the sales will last. Lord & Taylor primarily has locations on the east coast.

Lord & Taylor filed for bankruptcy on August 2, joining a string of upscale retailers filing for Chapter 11 in recent months, including Neiman Marcus and Brooks Brothers.

The company was once a mainstay of high-end fashion. Hudson’s Bay Company acquired Lord & Taylor in 2012 before selling it in 2019 to Le Tote, Inc., a fashion rental subscription service, for $75 million. Le Tote tried reviving the brand with a pop-up store in New York City and remodelling its remaining stores with a focus on technology.