Lord & Taylor To Close All Stores, Including 4 Remaining On LI

Garden City NY

27 August, 2020

3:58 PM

Description

LONG ISLAND, NY — In a reversal of a decision earlier this month, Lord & Taylor announced that it would be closing all of its stores, including the four stores that are on Long Island, 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, including the store in Bay Shore. A few days later, the chain announced it would also close its store in the Walt Whitman Shops in Huntington. But other locations would stay open. Now, however, the chain announced it would close all of it stores, including its two remaining Long Island locations: 1200 Franklin Ave. in Garden City, and 1440 Northern Blvd. in Manhasset. "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."