Luxury department store chain Lord & Taylor is closing all of its locations nationwide after nearly 200 years in business, include four on Long Island, the retailer said this week.
Closing on LI are Lord & Taylor locations on Franklin Avenue in Garden City, at Walt Whitman Shops in Huntington, Westfield South Shore Mall in Bay Shore, and a recently renovated store on Northern Boulevard in Manhasset. The four stores are among 38 nationwide that are shuttering.
“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, Lord & Taylor’s chief restructuring officer, said in a statement, according to CNN.
Lord & Taylor, a storied department store chain founded in 1826 with its first store in Manhattan, billed as the oldest in the United States, filed for Chapter 11 bankruptcy on Aug. 2, the same day as Men’s Wearhouse owner Tailored Brands.
In the U.S., several big name brands, including storied U.S. retailers such as Neiman Marcus, Brook Brothers, and J.C. Penny, which is also closing LI locations, began restrucuting relatively soon after the crisis erupted.
Apparel retailers have been among the worst hit from the coronavirus crisis as their businesses were considered non-essential and their stores had to be closed. They were forced to limit operations to online, which led to furloughing of staff and unpaid leases and rents.
-With Reuters
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