With no buyer in sight, America’s oldest department store is going out of business.
Lord & Taylor and its parent company Le Tote Inc. will commence going out of business sales Thursday at its 38 stores nationwide, including nine locations in New Jersey.
The company filed for Chapter 11 reorganization on Aug. 2, announcing it would pursue a 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,” Ed Kremer, the company’s chief restructuring officer, said in a prepared statement.
“I am extraordinarily proud of the continued efforts of our store and corporate team members as they have worked tirelessly over the past several months, under unprecedented conditions, to preserve this historic brand,” Kremer said. “We have a long road ahead of us and I am grateful and humbled by the dedication and resiliency of our team.”
The going out of business sale will continue to be led by the joint venture of Northbrook, Ill.-based Hilco Merchant Resources and Boston-based Gordon Brothers. New Jersey locations include the Freehold Raceway Mall, Garden State Plaza in Paramus, Quakerbridge Mall in Lawrenceville, Bridgewater Commons, Livingston Mall, Willowbrook Mall in Wayne, Rockaway Townsquare, The Fashion Center in Paramus, and a standalone location in Westfield.
Deep discounts plus departmental promotions will be effective throughout the sale process in store and online, an announcement released Thursday said. The discounts apply to existing inventory, new store arrivals and on new categories not previously sold at these stores; in-store fixtures, furniture and equipment will also be for sale.
Kirkland & Ellis LLP is acting as legal advisor to the company and Berkeley Research Group LLC is acting as restructuring advisor. Nfluence Partners is acting as the company’s investment banker and a joint venture of Hilco Merchant Resources and Gordon Brothers are managing the company’s store closing sales, according to the announcement.