Lord & Taylor Closing All Stores, Including Woodfield Mall Site

SCHAUMBURG, IL — Lord & Taylor and Le Tote, Inc. kicked off their going out of business sales Thursday at the brands' Woodfield Mall location and 37 other stores and website less than a month after filing for Chapter 11 bankruptcy. According to a news release, the nearly 200-year-old company filed for bankruptcy on Aug. 2 and announced its pursuit of a going concern buyer on Aug. 2. However, the company initially announced only some stores would be closing.

"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 the news release. "I am extraordinarily proud of the continued efforts of our store and corporate team members as they have worked tirelessly over the past several months, under unprecedented conditions, to preserve this historic brand. We have a long road ahead of us and I am grateful and humbled by the dedication and resiliency of our team."

America's first department store was acquired by Le Tote, described on the company's website as "a dynamic rental subscription-based fashion brand," in 2019.

The going out of business sale will continue to be led by the joint venture of Hilco Merchant Resources and Gordon Brothers.

"This Going Out of Business event gives shoppers the opportunity to take advantage of exceptional savings on notable brands at rarely seen discounts," a spokesperson for the joint venture stated, in the news release. "Customers will continue to experience the superior service and value they've come to expect from this iconic retailer."

According to the company, deep discounts and departmental promotions will be effective throughout the sale in store and online, in addition to discounts applying to existing inventory, new store arrivals and on new categories not previously sold at these stores.

The sale will also feature discounts of in-store fixtures, furniture, and equipment, according to the news release.

The company also has a store at Northbrook Court in Northbrook.

The Lord + Taylor Store Directory will continually be updated with store status and current hours of operation.

More details and updates: lordandtaylor.com