Save up to 50% on new deals from 40 Boxes!

Open menu

  • Video
  • Shop
  • Culture
  • Family
  • Wellness
  • Food
  • Living
  • Style
  • Travel
  • News
  • Book Club
  • GMA3: WYNTK
  • Newsletter
  • Privacy Policy
  • Your US State Privacy Rights
  • Children's Online Privacy Policy
  • Interest-Based Ads
  • Terms of Use
  • Do Not Sell My Info
  • Contact Us
  • © 2023 ABC News
  • Style

Lord & Taylor officially going out of business after filing for bankruptcy

VIDEO: Here is why big retailers are declaring bankruptcy during the COVID-19 pandemic
2:45
Here is why big retailers are declaring bankruptcy during the COVID-19 pandemic
ABCNews.com
ByJacqueline Laurean Yates
Video byWill Linendoll and Taylor Dunn
August 27, 2020, 7:21 pm

After 194 years, Lord & Taylor is officially closing.

The seasoned department store announced that all 38 of its remaining stores will be shutting its doors on Thursday. Liquidation sales have also begun storewide and online.

MORE: Retail rout gains pace, Lord & Taylor seeks bankruptcy

This news comes after the retailer filed for bankruptcy earlier this month.

MORE: Lord & Taylor sold for $100M to rental clothing company

"Lord & Taylor is Going Out of Business," the company wrote in an Instagram post. "Shop today and save 20-40% off everything storewide! Buy One, Get One on kid's apparel and swimwear for the entire family! Shop this Going Out of Business sale now while selection is best!"

"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.

PHOTO: A general view of a closed Lord and Taylor department store following their filing for bankruptcy amid the COVID-19 pandemic, May 12, 2020, in Garden City, New York.
A general view of a closed Lord and Taylor department store following their filing for bankruptcy amid the COVID-19 pandemic, May 12, 2020, in Garden City, New York.
Bruce Bennett/Getty Images

Initially, the nation's first department store announced plans last week to close 24 stores, while leaving 14 open. However, those plans quickly changed.

MORE: Victoria's Secret closing 250 stores

Following a huge hit to sales due to shutdowns amid the coronavirus pandemic, several other big-name brands such as J.Crew, Lucky Brand Jeans, Victoria's Secret, JCPenny and several others have also announced closures and bankruptcies.

Related Topics
  • Coronavirus Economic Impacts
Up Next in Style—

Best matching holiday family pajamas from Hanna Andersson, Kohl's and more

September 29, 2023

'Tube Girl' Sabrina Bahsoon takes confidence to the next level

September 28, 2023

'Grab your big scarf': Lenny Kravitz makes clever TikTok debut

September 25, 2023

Natalia Bryant makes her runway debut during Milan Fashion Week

September 25, 2023

Up Next in Style—

Best matching holiday family pajamas from Hanna Andersson, Kohl's and more

September 29, 2023

'Tube Girl' Sabrina Bahsoon takes confidence to the next level

September 28, 2023

'Grab your big scarf': Lenny Kravitz makes clever TikTok debut

September 25, 2023

Natalia Bryant makes her runway debut during Milan Fashion Week

September 25, 2023

The latest lifestyle and entertainment news and inspiration for how to live your best life - all from Good Morning America.
  • Contests
  • Terms of Use
  • Privacy Policy
  • Do Not Sell My Info
  • Children’s Online Privacy Policy
  • Advertise with us
  • Your US State Privacy Rights
  • Interest-Based Ads
  • About Nielsen Measurement
  • Press
  • Feedback
  • ABC News
  • ABC
  • All Videos
  • All Topics
  • Sitemap

© 2023 ABC News
  • Privacy Policy— 
  • Your US State Privacy Rights— 
  • Children's Online Privacy Policy— 
  • Interest-Based Ads— 
  • Terms of Use— 
  • Do Not Sell My Info— 
  • Contact Us— 

© 2023 ABC News