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Lord & Taylor Surprises Sunday Shoppers With “Store Closing” Signs At Many Locations, Files For Bankruptcy
It seems that every day brings a breaking news story regarding the retail industry. The same is true for the entire world as it winds its way through the current health and economic crises. But it still came as a surprise when shoppers showed up at many Lord & Taylor locations late Sunday morning and found “Store Closing Signs” posted in the windows.
The liquidation shouldn’t come as a complete surprise. The retailer has been battered by heavy debt, cash flow issues, and COVID-19 store closures. Its current owner, the clothing rental firm, Le Tote, purchased Lord & Taylor last November from Canada’s Hudson Bay Company and Le Tote has struggled to find the right recipe, and capital, for retail success. Then along came coronavirus.
Lord & Taylor has not released any statement regarding today’s mass round of closures. The retailer operates 38 stores in the Northeast, along with a few locations in the Midwest and Florida. One company official estimated that about 20 Lord & Taylor stores are now in a liquidation sale, as of today.
https://www.forbes.com/sites/michaellisicky/2020/08/02/lord–taylor-surprises-sunday-shoppers-with-store-closing-signs-at-many-locations/#6a4a90cb6bd9
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