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After nearly 200 years, Lord & Taylor is calling it quits.
The high-end department store has struggled in recent years, but the coronavirus outbreak was the final straw, as stores were closed due to the pandemic.
The company is looking for a buyer, but it’s uncertain what will be left after Lord & Taylor finishes their liquidation sales — which just began.
Here’s what’s happening:
Lord & Taylor has filed bankruptcy and started liquidating.
Lord & Taylor filed for Chapter 11 bankruptcy on Aug. 2, as predicted way back in May by Reuters.
The New York-based company had been in the center of the coronavirus pandemic, and since most of their 38 stores are in the Greater NYC area, it took a while to reopen for closeout sales.
Liquidation sales of 20-40% storewide have started at half of the 38 stores.
According to Forbes, 19 of the 38 Lord & Taylor locations started liquidation sales on Sunday, Aug. 2, boasting initial discounts of 20-40% off storewide.
If you’re wanting to find the best deals, wait. Liquidation sales typically run between 8-12 weeks, with price cuts happening every couple of weeks. Unless there’s something specific you want to make sure doesn’t sell out, patience will pay off.
Here’s where liquidation sales are happening (according to Forbes):
- Connecticut: Danbury, Trumbull, Westfarms
- Florida: Boca Raton
- Illinois: Northbrook
- Maryland: Columbia, White Flint
- Massachusetts: Boston, Natick
- Michigan: Novi
- New Jersey: Willowbrook
- New York: Albany, Bay Shore, Buffalo, Rochester, Syracuse, Yonkers
- Pennsylvania: Bala Cynwyd
- Virginia: Fair Oaks
The Lord & Taylor website has more than 42,000 clearance items.
LordAndTaylor.com is still up and running, with no sign of any impending changes.
However, like many other luxury retailers right now, they’re offering unheard-of sales. Right now, the site has more than 42,000 items available on clearance, and more than 20,000 items for $50 or less (up from 3,400 in May).