It’s 24 now for Lord & Taylor!
Ever since Le Tote, owner of Lord & Taylor, said that it will permanently close down 5 more stores, the total number of locations shut down for the American fashion retailer has touched 24.
In a company released statement, the 5 stores to be shut have been identified as Schaumburg, IL; Salem, NH; Rockaway, NJ; Livingston, NJ and Huntington Station, NY.
The other 19 stores are already undergoing the closure process.
A year back, when Le Tote had bought Lord & Taylor, it took over 38 of 45 stores and the objective was to utilise most of its latter’s stores – it intended to look beyond e-commerce sales.
However, 2020 had some different plans for the retail world and for Le Tote too it wasn’t different. Store closures and poor sales hit Lord & Taylor badly and finally the retailer had to file for bankruptcy from creditors on 2 August.
On 3 August, it was reported that company will together solicit bids for a going concern sale of both its Le Tote and Lord & Taylor businesses
The company is now, reportedly, selling off store fixtures and offering steep discounts at the liquidation sales on products from esteemed labels such as adidas, Michael Kors and Calvin Klein, among others.