Lord & Taylor has announced that it’s going out of business after 194 years, the latest in a string of retail casualties caused by the COVID-19 pandemic.
On Thursday, the department store chain announced that it would be closing its remaining 38 stores. The company previously said it would keep 14 locations open, but it’s now abandoning that plan.
"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.
Lord & Taylor, a former purveyor of high-end fashion, initially filed for bankruptcy on August 2. At the time, the chain said it would close just 19 stores. A few weeks later, it said it would close 24 stores. Now, the company says it will be closing all of its stores for good.
The chain’s liquidator, Hilco Merchant Resources, says that deep discounts will be coming soon. These deals will be effective throughout the sale process in store and online.
"Discounts apply to existing inventory, new store arrivals and on new categories not previously sold at these stores," the company said in a statement on Thursday. "The historic event will also feature the sale of in store fixtures, furniture, and equipment."
The brick-and-mortar sector, which had already been struggling due to competition from online retailers like Amazon, has been dealt a major blow by the coronavirus pandemic. Sears, JCPenney, Neiman Marcus, and many other retailers have all filed for bankruptcy this year, citing declining foot traffic and poor store performance.