Lord & Taylor, the oldest department store in America, announced, Thursday, it will be closing all 38 of its remaining locations. This ends a 194-year run. The decision to close all remaining locations is a reversal from last week’s choice to leave 14 locations open. Liquidation sales for the store’s remaining inventory has begun with the liquidator, Hilco Merchant Resources, releasing a statement Thursday,
“discounts apply to existing inventory, new store arrivals and on new categories not previously sold at these stores. the historic event will also feature the sale of in store fixtures, furniture, and equipment.”
Founded in the Lower East Side of Manhattan in 1826, Lord & Taylor grew into a leader of the high-end fashion world, eventually moving into its 11-story flagship location near Times Square in 1914. Following World War II, Lord & Taylor thrived under the leadership of Dorothy Shaver. Shaver was the first woman to become the CEO of a major retailer. Under Shaver, the company expanded into the suburban market, opening the first ever branch retail store. Shaver’s branch store contained dozens of individual shops within it, becoming the model for modern suburban mall shopping seen today.
The end of an era for department store chains
Lord & Taylor filed for chapter 11 bankruptcy August 2nd. The historic company joins the many other struggling chains that have filled for bankruptcy in the past few months. The COVID-19 outbreak has seen an unprecedented decline in U.S. retail sales since March — a nail in the coffin for many struggling businesses. Along with Lord & Taylor, clothing retailers such as J.C. Penney, Brooks Brothers, and Neiman Marcus have gone out of business, with more expected to follow.
Even before the pandemic, Lord & Taylor had been struggling to stay afloat. It’s been facing competition from lower end retailers and the rise of online shopping. With many more department stores expected to close, online giants such as Amazon and Walmart are expected to reap the most gains from the shifting landscape.
Reprinted with permission from: https://werax.com/lord-taylor-closing-after-nearly-200-years-in-business/
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