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\"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:
Bruce Bennett/Getty Images
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.
>

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

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.

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