Renowned High-end Department Stores chain Lord & Taylor cease to exist after 200 years.
Lord & Taylor the first department store in New York, USA founded in the year 1886 has officially announced that it is going out business after a 200 year run. Earlier this month the company which anchored a high-end fashion industry in the genre. It filled for chapter 11 bankruptcy after citing $137.9 million debt obligations.
On Thursday Lord & Taylor announced it will permanently close all its stores after it initially planned to close only two dozen but within two weeks the number increased to 24.
Ed Kramer, chief restructuring officer of Lord & Taylor said in a statement, “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 by pursuing options for the company’s brands. ”
In a statement on Thursday its Liquidator Hilco Merchant Resources promised extensive deep discounts.
” Discounts apply to existing inventory, new stores arrivals and on new categories not previously sold at these stores,” it said. “The historic event will also feature in the sale of in store fixtures, furnitures and equipments.”
As per the website the first store of Lord and Taylor was established by English immigrants Samuel Lord and George Washington Taylor in the Lower East Side of Manhattan 200 years ago. The store started growing and it relocated six times over the first 80 years and moved to its flagship FiFth Avenue store near Times Square in 1914.
The company flourished in the subsequent years following the Second World War led by Dorothy Shaver, the first woman to lead a major retail. She was also the first to launch Lord & Taylor’s branches in downtown. The concept of personal shopping was introduced by her.
The growth of lower prices rivals gave a steady competition which led May Department Stores to acquire the company in 1986. Later it was taken by private equity firm NRDC Equity Partners. Before selling the company to Le Tote Inc.,a fashion retail subscription service for $75 millions in 2019, Hudson Bay company took over Lord &Taylor in 2012. Le Tote Inc. Tried to restore the brand with a pop up store in New York City and renovated its remaining stores.
Lord & Taylor faced immense financial crisis over the past few years, it was claimed by the executives of the store that the company was hanging between high-end luxury and discount apparel competitors.
Before it was announced by Amazon earlier this month that the iconic Manhattan building has been acquired by them for a new office for $1billion, the company was previously owned by troubled co-working firm WeWork.
During the pandemic, like most department stores Lord & Taylor was bound to cease in-person shopping which affected its profit to drastically sink.