“While we are still exploring various opportunities, we believe it is prudent to simultaneously put the remainder of the stores into liquidation to maximize the value of inventory for the estate,” said Ed Kremer, Le Tote’s chief restructuring officer, in a public statement.
In 2019, prior to the pandemic, Lord & Taylor sold its historic Fifth Avenue store in Manhattan. The building, once acquired by WeWork, was later purchased by Amazon and is now being developed as a new office space.
Lord & Taylor’s ongoing going-out-of-business sales include store fixtures, furniture, and equipment, along with merchandise.
The company joins a growing list of legacy retailers affected by the economic impact of the pandemic. Other well-known brands that have filed for bankruptcy or restructured their operations include Brooks Brothers, J.Crew, J.C. Penney, Neiman Marcus, Ann Taylor, Lane Bryant, Barneys New York, Sur La Table, and Men’s Wearhouse (through parent company Ascena Retail Group).
While these changes mark the end of an era for many beloved retail brands, they also signal a period of transformation within the retail industry. As the economy continues to adapt and evolve, new opportunities may emerge to fill the spaces left behind.