Lord & Taylor To Liquidate All Stores

After filing for Chapter 11 bankruptcy protection and unable to find a buyer, Le Tote, Inc. and Lord & Taylor will now conduct going out of business sales at all 38 stores and on the retail brand’s website.

On August 2, the company filed for Chapter 11 reorganization and announced its pursuit of a going concern 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,” said Ed Kremer, the company’s chief restructuring officer.

The going out of business sale, expected to begin in the balance of stores on August 27, will continue to be led by the joint venture of Hilco Merchant Resources and Gordon Brothers.