Lord & Taylor To Close All Stores, Including 2 In HV

Scarsdale NY

27 August, 2020

5:34 PM

Description

HUDSON VALLEY, NY — In a reversal of a decision earlier this month, Lord & Taylor announced that it would be closing all of its stores, including the two stores that are in the Hudson Valley, instead of keeping a few of the department stores open. Lord & Taylor filed Chapter 11 bankruptcy on Aug. 11, and announced a few days later that it would be closing multiple locations. Now, however, the chain announced it would close all of it stores, including its Hudson Valley locations in Scarsdale and in Yonkers at the Ridge Hill Mall. "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 company's chief restructuring officer, said in a statement. Lord & Taylor is one of the oldest department stores in America: it was founded nearly 200 years ago in 1826. The company, which had seen falling sales in recent years, was purchased by only fashion company Le Tote in 2019. But the closures caused by the coronavirus were the final nail in the company's coffin. The chain is having going out of business sales at all of its stores and online. The stores will also be selling fixtures, furniture and equipment. "I am extraordinarily proud of the continued efforts of our store and corporate team members as they have worked tirelessly over the past several months, under unprecedented conditions, to preserve this historic brand," Kremer said. "We have a long road ahead of us and I am grateful and humbled by the dedication and resiliency of our team." Like Hudson Valley Patches' Facebook Pages.