Lord + Taylor Files for Bankruptcy, Starts Closing Sales in New York Stores
Another large retailer has been knocked down as a result of the coronavirus.
Lord + Taylor filed for Chapter 11 bankruptcy on Sunday and many New York stores began putting up signs on their doors, announcing closing sales.
Forbes reports that, so far, some Lord + Taylor locations in ten states will be closing. New York has by far the most stores closing in one state, with locations in Albany, Bay Shore, Buffalo, Rochester, Syracuse and Yonkers shutting their doors. Although the company has not made a public comment about the store closures yet, employees at some of the stores with liquidation sales told Forbes they expect to remain open like this through the holiday season.
Signs on the doors of Lord + Taylor's location at Destiny USA announce its closing sale with 20 to 40 percent off everything in the store, according to NYup.
Lord + Taylor was established in 1826, and although this year's temporary store closures didn't help, the company was in trouble even prior to the shutdown. Forbes reports that the company has been battling heavy debt and cash flow issues. Lord + Taylor's parent company, Le Tote, also filed for bankruptcy protection alongside the clothing company.
In a statement released Monday morning, Lord + Taylor announced its "search for a new owner who believes in [their] legacy and values."
"This strategy is part of our fierce commitment to preserve a nearly 200-year-old brand that has served local communities and loyal customers for generations," the company said in the statement.