Bankrupt Lord & Taylor said today it is closing five additional stores as part of its restructuring process.
The storied chain has now confirmed it will close 24 of its 38 locations. The moves come as Lord & Taylor and parent company Le Tote Inc. seek a buyer for the retailer after both companies filed bankruptcy this month.
The additional Lord & Taylor stores that are closing include units in Schaumburg, Ill., Salem, N.H., Rockaway, N.J., Livingston, N.J., and Huntington Station, N.Y.
Hilco Merchant Resources and Gordon Brothers are leading the process. The Lord + Taylor website is updated with store status and current hours of operation.
Current markdowns range from 20% to 40% off lowest ticketed prices on brands from Vince Camuto to Michael Kors to Adidas. Store fixtures are also being sold.
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Lord & Taylor filed for Chapter 11 protection in the United States Bankruptcy Court for the Eastern District of Virginia on Aug. 2. According to the filing, it owes millions of dollars to 10 companies, as well as hundreds of thousands to at least 20 more firms.
The retailer’s largest creditor is the Israel-based Liquidity Capital II LP, with an unsecured claim of $8.5 million. It also owes $4.7 million to G-III Leather Fashions Inc., $3.5 million to Polo Ralph Lauren Clothing and $2.1 million to Michael Kors LLC. Other notable creditors include L’Oréal Lancôme and Facebook Inc, which have respective claims of more than $1.1 million and $1 million.
Lord & Taylor is just one of the household retail names navigating bankruptcy this summer. JCPenney is closing hundreds of stores as part of its restructuring, and it’s also looking for a buyer. Neiman Marcus, J. Crew and Steinmart are some of the other big names who filed Chapter 11 in the past few months.
