New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Lord & Taylor Will Liquidate All Locations
Lord & Taylor, America’s oldest department store, commenced liquidation sales at its 38 remaining locations and on its website. A joint venture of Hilco Merchants Resources and Gordon Brothers is running the sales.
The 194-year-old company, owned by Le Tote, Inc., filed for Chapter 11 protection on August 2 and announced its pursuit of a going-concern buyer.
“While we are still entertaining various opportunities, we believe it is prudent to simultaneously put the remainder of the stores into liquidation to maximize value of inventory for the estate while pursuing options for the company’s brands,” said Ed Kremer, the company’s chief restructuring officer.
The final liquidation announcement comes a week after Lord & Taylor added five more locations to the 19 it slated for closure when it filed for bankruptcy. It also follows Amazon’s announcement that it had acquired the former Lord & Taylor building on Fifth Avenue in Midtown Manhattan.
For comments, questions or concerns, please contact Paul Bubny

