Going-out-of-business sales are beginning at all of Lord & Taylor’s 38 stores and online on Thursday, according to a press release issued by a joint venture between liquidators Hilco Merchant Resources and Gordon Brothers.
The department stores and its parent company, clothing rental startup Le Tote, filed for Chapter 11 bankruptcy on August 2.
At the time, the companies said they would seek a buyer for the most profitable Lord & Taylor stores and could close all of its locations if one was not found. Liquidation sales had already begun at 19 stores in 10 states.
« 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, » Ed Kremer, chief restructuring officer for Lord & Taylor and Le Tote, said in a press release on Thursday.
He continued: « I am extraordinarily proud of the continued efforts of our store and corporate team members as they have worked tirelessly over the past several months, under unprecedented conditions, to preserve this historic brand. We have a long road ahead of us and I am grateful and humbled by the dedication and resiliency of our team. »
Deep discounts will be available throughout the stores and online. Store fixtures, furniture, and equipment will also be sold.
« This Going Out of Business event gives shoppers the opportunity to take advantage of exceptional savings on notable brands at rarely seen discounts, » a spokesperson for Hilco Merchant Resources and Gordon Brothers said in the release. « Customers will continue to experience the superior service and value they’ve come to expect from this iconic retailer. »
If you’re a Lord & Taylor employee with a story to share, contact this reporter at [email protected] or via the secure messaging app Signal at +1 (646) 889-2143 using a non-work phone.
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