Syracuse, N.Y. -- Lord & Taylor, America’s oldest department store chain, is closing its store at the Destiny USA mall in Syracuse following the company’s filing for Chapter 11 bankruptcy protection.
Signs at the entrances to the store Monday morning announced a store closing sale, with 20% to 40% off everything in the store.
The retailer, which was in trouble even before the coronavirus pandemic slammed the economy, filed for reorganization under Chapter 11 of U.S. Bankruptcy Code on Sunday. The chain was founded in 1826. Hudson’s Bay Co. sold the chain to Le Tote, a rental subscription-based fashion brand, in 2019.
Lord & Taylor operates 38 stores nationally. The company has not announced a store closing list, but Forbes reported that the other Lord & Taylor stores in New York that will be closing are in Albany, Bay Shore, Buffalo, Rochester and Yonkers.
In a statement on its website, Lord & Taylor said it was beginning a search “for a new owner who believes in our legacy and values.”
“Part of our announcement also includes filing for Chapter 11 protection to overcome the unprecedented strain the Covid-19 pandemic has placed on our business,” the company said. “This strategy is part of our fierce commitment to preserve a nearly 200-year-old brand that has served local communities and loyal customers for generations.”
Lord & Taylor will be the second major anchor store at Destiny, the largest mall in New York, to close in the coming weeks. J.C. Penney, which filed for Chapter 11 protection in May, is also closing its store at the mall. Its liquidation sale began in June.
The Lord & Taylor store at Destiny USA is set to close after the troubled department store chain filed for Chapter 11 bankruptcy protection. Rick Moriarty | rmoriarty@syracuse.com
Rick Moriarty covers business news and consumer issues. Got a tip, comment or story idea? Contact him anytime: Email | Twitter | Facebook | 315-470-3148
"close" - Google News
August 03, 2020 at 08:53PM
https://ift.tt/39OZr5N
Lord & Taylor at Destiny USA to close - syracuse.com
"close" - Google News
https://ift.tt/2QTYm3D
https://ift.tt/3d2SYUY
Bagikan Berita Ini
0 Response to "Lord & Taylor at Destiny USA to close - syracuse.com"
Post a Comment