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Lord & Taylor is officially going out of business after nearly 200 years. On Friday, the company announced that it would be closing its remaining 38 locations just weeks after filing for Chapter 11 bankruptcy.
“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 to CNN.
Lord & Taylor was created by English immigrants Samuel Lord and George Washington Taylor in New York’s Lower East Side in 1826. Eventually, the retailer set up a flagship store on the iconic Fifth Avenue.
Hilco Merchant Resources, the liquidator for Lord & Taylor, plans to apply discounts to all inventory.
“Discounts apply to existing inventory, new store arrivals and on new categories not previously sold at these stores,” Hilco Merchant Resources said in a statement. “The historic event will also feature the sale of in store fixtures, furniture, and equipment.”
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The New York Times reports the store’s financial struggles were brought on by the company being stuck between high-end luxury and discount retailers.
With financial struggles building for years, the end of in-person shopping forced on by the coronavirus pandemic did not help the company as it was trying to turn things around. Now, a staple in the industry will be no more.
