Lord + Taylor has started the process of closing stores.
The department store, which filed for bankruptcy yesterday, announced that it was soliciting bids for a going concern sale of its business as well as that of parent Le Tote. As part of its reorganization, the company has started conducting targeted going-out-of business sales at 19 out of its 38 locations across the country.
Led by a joint venture of Hilco Merchant Resources and Gordon Brothers, Lord + Taylor’s sales will include an assortment of merchandise from brands like Nike, Ralph Lauren, DKNY and Tommy Bahama at “significant” price reductions. Along with its Chapter 11 filing, the retailer sought court authorization to support its operations during bankruptcy proceedings, including the continued payment of employee wages and benefits.
Both Le Tote and Lord + Taylor sought protection from creditors in the United States Bankruptcy Court for the Eastern District of Virginia as they failed to turn around the chain’s business amid the coronavirus pandemic. It currently owes millions of dollars to 10 companies, as well as hundreds of thousands to at least 20 more firms, including Polo Ralph Lauren, Michael Kors, Caleres, Chanel and Steve Madden.
To help fund its operations during the proceedings, Le Tote and Lord + Taylor have obtained consent to use cash collateral from their secured lenders.
Here, the full list of Lord + Taylor store closures by state:
- Danbury Fair Mall in Danbury
- West Farms Mall in Farmington
- Trumbull Store in Trumbull
- Mizner Park in Boca Raton
- Northbrook Store in Northbrook
- Columbia Mall in Columbia
- White Flint Store in Kensington
- Prudential Center in Boston
- Natick Store in Natick
- Twelve Oaks Store in Novi
- Willowbrook Mall in Wayne
- Crossgates in Albany
- Bay Shore Mall in Bay Shore
- Walden Galleria Store in Buffalo
- Eastview Mall in Rochester
- Destiny USA in Syracuse
- Ridge Hill Village in Yonkers
- Bala-Cynwyd Store in Bala Cynwyd
- Fair Oaks Mall in Fairfax