Lord + Taylor stores closing: Liquidation sales are now underway as part of company's bankruptcy amid COVID-19

4 Aug 2020

USA TODAY

Lord Taylor stores closing Liquidation sales are now underway as part of companys bankruptcy amid COVID19

Lord & Taylor, of one of the nation's oldest department store chains, has started liquidating 19 of its 38 stores as it looks for a new owner.

Lord & Taylor, of one of the nation's oldest department store chains, has started liquidating 19 of its 38 stores.

The retailer filed for Chapter 11 bankruptcy protection Sunday, joining the growing list of retailers who say they were impacted by temporary store closures amid the coronavirus pandemic.

But department stores and apparel retailers with a heavy commitment to shopping malls were grappling with declining foot traffic long before the pandemic.

Since May, Ascena Retail Group, parent company of Justice, Ann Taylor and Lane Bryant, New York & Company's parent company RTW Retailwinds, Lucky Brand, J.C. Penney, Brooks Brothers, Sur La Table, Neiman Marcus, Tuesday Morning, Tailored Brands, GNC and J. Crew have all filed for Chapter 11.

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Lord & Taylor, which was sold to the French rental clothing company Le Tote Inc. last year, said it was looking for a new owner.

Hilco Merchant Resources and Gordon Brothers are managing the store closing sales, which have begun at 19 locations (see list below.). According to a news release, the "closing stores feature an abundant assortment of merchandise at significant price reductions" including brands DKNY, Nike, Ralph Lauren and Tommy Bahama.

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As many as 25,000 stores could shutter this year as businesses continue to feel the impacts of the pandemic, according to a recent report from Coresight Research.

Other retailers, who haven't filed for bankruptcy, also plan to shutter locations, including Victoria's Secret, Nordstrom and Signet Jewelers, parent company of Kay, Zales and Jared.

Because of the pandemic, most retailers are handling liquidation or going-out-of-business sales differently.