Venerable U.S. retailer Lord & Taylor plans to liquidate inventory in its 38 department stores once restrictions to curb the spread of coronavirus are lifted as it braces for a bankruptcy process from which it does not expect to emerge, people familiar with the matter said on Tuesday.
FILE PHOTO: Mannequins remain in the windowsill of a closed Lord and Taylor department retail clothing store at the Wisconsin Place shopping center, as the coronavirus disease outbreak continues in Washington, U.S., April 29, 2020. REUTERS/Tom Brenner
Retailers that pursue a liquidation hold “going out of business” sales in order to generate cash, and their stores often become magnets for consumers looking for bargains. Lord & Taylor is holding off on a bankruptcy filing and subsequent liquidation until it can reopen its stores to attract those shoppers, according to the sources, who spoke on condition of anonymity.
Fashion rental service start-up Le Tote acquired Lord & Taylor last year from Saks Fifth Avenue owner Hudson’s Bay Company for C$100 million . Lord & Taylor opened its flagship store on Manhattan’s Fifth Avenue in 1914, and became known for upscale fashion and its holiday window display.
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