The signs are going up and the stores will soon be closed as Lord & Taylor begins the process of going out of business.
The luxury department store is closing all 38 stores. The move comes after the company filed for Chapter 11 bankruptcy protection earlier this year, USA Today reported.
The bankruptcy filing followed those of other department stores like J.C. Penney, Neiman Marcus and Stein Mart. The industry had taken a hit with more people shopping online over the past few years. The coronavirus pandemic added to the stores’ financial downfall, USA Today reported.
Clothing rental subscription company, Le Tote Inc., bought Lord & Taylor last year for $100 million, Market Watch reported.
Cox Media Group