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Lord + Taylor, the country’s largest department store chain, has announced that it will close all 38 of its stores, including its store at 110 High Ridge Road in Stamford, Conn.
Photo: Tyler Sizemore / Hearst Connecticut MediaLord + Taylor, the country’s largest department store chain, has announced that it will close all 38 of its stores, including its store at 110 High Ridge Road in Stamford, Conn.
Lord + Taylor, the country’s largest department store chain, has announced that it will close all 38 of its stores, including its store at 110 High Ridge Road in Stamford, Conn.
Lord + Taylor, the country’s largest department store chain, has announced that it will close all 38 of its stores, including its store at 110 High Ridge Road in Stamford, Conn.
Bankrupt department store chain Lord + Taylor said this week that it will close all 38 of its stores — an announcement that signals the end of its standalone establishment in Stamford, after announcing earlier this month shutdowns that included its stores in Danbury, Trumbull and Farmington.
Lord + Taylor’s departure would vacate the approximately 157,000-square-foot building at 110 High Ridge Road in Stamford, where it is the sole occupant. About four years ago, it completed a nearly two-year renovation of the property.
A message left Friday for Thomas Madden, Stamford’s economic development director, was not immediately returned.
When Lord + Taylor filed, with parent company Le Tote, for bankruptcy at the beginning of the month, it had announced that it would close 19 stores, including three of its four Connecticut establishments — at the Danbury Fair, Westfield Trumbull and Westfarms malls. At the same time, it had indicated that it would keep open its other 19 locations, including Stamford, as it pursued a “going concern” buyer.
But Lord + Taylor subsequently decided to hold going-out-of-business sales at all of its stores. “Deep discounts” and departmental promotions would be enacted throughout the sales in stores and online, according to company officials. Lord + Taylor also plans to sell in-store fixtures, furniture and equipment.
“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 statement this week.
The company said it would continually update stores’ status and hours of operation at https://ift.tt/34MzD9N.
In its latest closing announcement, the company did not specify the number of resulting job losses.
The demise of a business founded in 1826 does not come as a surprise after reports in recent months that it had been weighing liquidation sales as soon as its stores reopened from temporary closings sparked by the coronavirus crisis.
Its travails contributed to Hudson’s Bay Co.’s decision last year to sell the business to Le Tote, which is a rental-clothing company.
In January 2019, it shuttered its flagship store in Manhattan, ending a 104-year run for the midtown establishment. The property was sold for $850 million to co-working firm WeWork and partner Rhone Capital.
About a year and half ago, however, Lord + Taylor officials were still sanguine about suburban locations such as Stamford.
“At this point, we believe that Stamford represents, quite frankly, the bread and butter of who Lord + Taylor is,” then-Lord + Taylor President Vanessa LeFebvre said in an interview last year. “A freestanding store is where we can have a more intimate relationship with our customers.”
But COVID-19 dashed hopes of a turnaround for Lord + Taylor and many other retail companies.
Tailored Brands, which owns Men’s Wearhouse and Jos. A. Bank, filed for bankruptcy on the same day as Lord + Taylor.
Last month, Brooks Brothers, the 200-year-old company that has dressed nearly every U.S. president, filed for bankruptcy.
Other recent bankruptcies include J. Crew, J.C. Penney, Neiman Marcus, Stage Stores and Ascena Retail Group, which owns brands including Ann Taylor, Justice and Lane Bryant.
pschott@stamfordadvocate.com; twitter: @paulschott
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Lord + Taylor to close all stores, including four in CT - The Advocate
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