Le Tote Inc, the parent company of Lord & Taylor is liquidating five more brand’s stores. The liquidation process is being led by a joint venture of Hilco Merchant Resources and Gordon Brothers. That brings the total number of Lord &Taylor stores being liquidated to 24. Before the liquidation process, the brand has 38 stores operating.
The five stores being liquidated are in Schaumburg, Ill.; Salem, NH; Rockaway, NJ; Livingston, N.J., and Huntington Station, NY. Liquidation will help Lord & Taylor customers save 20 to 40 per cent off the lowest ticketed prices on all merchandise, with limited exceptions. Le Tote filed for bankruptcy on Aug. 2 this year. The company is continuing to review offers for a sale of the company, including Lord & Taylor. While Lord & Taylor is steadily disappearing from the brick-and-mortar retail landscape, it’s possible its web site continues to operate through a sale.
Le Tote, a fashion subscription service, bought Lord & Taylor for $75 million a year ago. The department store had been performing poorly for several years and shut down its iconic Fifth Avenue flagship on Jan. 2, 2019, and the pandemic compounded the venerable department store’s misfortunes.
