Lord & Taylor going out of business, liquidation sale begins

CLEVELAND, Ohio -- Lord & Taylor is an iconic name in the department store business, its brand once synonymous with luxury. But its heydays are now firmly in the past as the company announced Thursday the closing of its 38 remaining stores.

“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, the retailer’s chief restructuring officer, said in a release.

Earlier this month, the company filed for bankruptcy and announced it was searching for a buyer.

While that process plays out, going-out-of-business sales are now active at all Lord & Taylor stores and online at lordandtaylor.com. Shoppers can find discounts between 20-40% on most merchandise, including brands such as Vince Camuto, Michael Kors, Calvin Klein, Adidas and more.

Even store fixtures, furniture and equipment are being sold. Lord & Taylor once had a location in Columbus, but the closest store to Cleveland now is 175 miles away in Novi, Michigan.

Lord & Taylor was founded in 1826 as a seller of dry goods. It is credited as the first department store chain in the U.S.