Contrary to its original plan to leave 14 stores open, the company ultimately decided to close all its stores and online stores.
Lord & Taylor officially declared bankruptcy on August 2, thus adding the company to its list of top retail brands that have not withstood the consequences of the pandemic. This news was a milestone in the history of retailing because Lord & Taylor was considered the oldest department store in the United States.
Initially, the company announced the closure of 19 stores, but a few weeks later increased the number to 24. Now it is known that all stores will close forever. The fate of the brand is not yet known. According to Ed Kramer, chief restructuring specialist at Lord & Taylor, various options are being studied.
In 38 still functioning stores, as well as in the brand's online store, liquidation sales are held at significant discounts. They sell not only goods but also furniture, equipment, and various forms of inventory.
History of Lord & Taylor began almost 200 years ago - in 1826 in New York, such a long way can not boast any other retailer on the market. The company was once a bulwark of American luxury fashion, but times are changing. The influx of young and more affordable brands has led to financial problems that have not been solved. The pandemic, however, became the final and insurmountable obstacle, the last straw that put an end to Lord and Taylor's history.