Lord and Taylor, the first-ever departmental store established in the business are closing. The business is permanently closing after 194 years. The departmental store has announced that it will close all the 38 remaining stores in the country permanently.
The retailer filed for bankruptcy on August 2. However, the earlier plan for Lord and Taylor was to keep some of the stores open. However, they decided against it later. It was reportedly financially not viable.
The Chief Restructuring Officer of the company, Ed Kremer, said that they are extremely proud of the efforts made by the staff and corporate teams. He said that they are glad and proud of the tireless effort made in the unprecedented times to save the brand.
The liquidator has said that the customers can expect deep discounts on the products both online and retail stores.
It is understood that the company was already in poor financial health. However, the COVID19 pandemic paralyzed them. The company tried dealing with the situation, but it was too much to save the iconic brand.
Lord and Taylor will remain a part of the US Retail History.