US: Lord & Taylor closing stores after 194 years

By Michael Hernandez

WASHINGTON (AA) - Lord & Taylor announced Thursday it is closing its 38 remaining stores nationwide, ending its 194-year history as a department store hallmark.

Once synonymous with high fashion, the brand has struggled in recent years as consumers have shifted to online shopping.

The company filed for Chapter 11 bankruptcy Aug. 2 in the midst of the coronavirus pandemic, and sought a buyer for its Lord & Taylor and Le Tote stores, which are now expected to begin going out of business sales in-person and online.

"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," Ed Kremer, the company's chief restructuring officer said in a statement.

The US economy has struggled under the economic fallout caused by the coronavirus pandemic, with the US recording the worst outbreak worldwide, far surpassing all nations for the number of known cases and accounting for more than 20% of all confirmed deaths.

States have variously begun to re-open their economies at various levels but retail shopping has yet to recover and unemployment remains at a staggering 10.2%.