Lord & Taylor officially going out of business after filing for bankruptcy
By JACQUELINE LAUREAN YATES, GMA
(NEW YORK) -- After 194 years, Lord & Taylor is officially closing.
The seasoned department store announced that all 38 of its remaining stores will be shutting its doors on Thursday. Liquidation sales have also begun storewide and online.
This news comes after the retailer filed for bankruptcy earlier this month.
"Lord & Taylor is Going Out of Business," the company wrote in an Instagram post.. " Shop today and save 20-40% off everything storewide! Buy One, Get One on kid's apparel and swimwear for the entire family! Shop this Going Out of Business sale now while selection is best!"
"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, Lord & Taylor's chief restructuring officer said in a statement.
A general view of a closed Lord and Taylor department store following their filing for bankruptcy amid the COVID-19 pandemic, May 12, 2020, in Garden City, New York.
Initially, the nation's first department store announced plans last week to close 24 stores, while leaving 14 open. However, those plans quickly changed.
Following a huge hit to sales due to shutdowns amid the coronavirus pandemic, several other big-name brands such as J.Crew, Lucky Brand Jeans, Victoria's Secret, JCPenny and several others have also announced closures and bankruptcies.
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