This Iconic Department Store Is Going Out of Business
As the pandemic continues to wreak havoc on businesses, and online shopping becomes the default over the in-person shopping experience, many stores are being forced to close their doors for good. Even before the COVID crisis, many once-popular department stores had started to lose their luster, and their struggles have only gotten worse. On Aug. 27, one of the most prominent department stores, Lord & Taylor, released a statement saying they will be going out of business and filing for Chapter 11 bankruptcy.
This announcement comes just a week after the company said they would be keeping 14 locations open, according to CNN. The company has been experiencing challenges for some time. Back in 2019, Lord & Taylor was sold to Le Tote in an effort to reinvigorate the brand, but that wasn't enough to keep the company afloat. Additionally, in May of this year, Lord & Taylor let go of their entire executive team, according to The New York Times.
In 2019, pre-COVID, Lord & Taylor shut down their flagship store, as the New York Post reported. The New York City store that had occupied a large chunk of real estate on Fifth Avenue for 104 years was reportedly closed because the company had seen in-person sales take a hit from online shopping. Now, the combination of COVID and a major shift in shopping habits has forced the company to pull the plug on the last of their 38 stores.
Lord & Taylor's chief restructuring officer, Ed Kremer, is keeping a positive outlook about the future of the brand sans stores. "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," Kremer said in a statement. Fans of the store should check out the going-out-of-business sale before the last of the inventory dries up. The company's statement claims the sale will feature deep discounts on items both in-store and online.
Unfortunately, Lord & Taylor is not the only store forced out of business recently. Here are four more stores that had to shut their doors.
1 Pier 1 Imports
On May 19, the home goods retailer announced they filed for bankruptcy and would begin the process of closing all their stores, according to a statement. And to make sure you're shopping safely, discover The No. 1 Worst Thing You Can Do While Shopping Right Now.
2 Neiman Marcus
Neiman Marcus was the first department store to file for Chapter 11 bankruptcy back in May, according to NPR. Business Insider reports Neiman Marcus has closed 22 stores since their bankruptcy filing. And for stores with new guidelines to follow, You Can No Longer Shop at These Popular Stores Without a Face Mask.
3 Forever 21
In Sept. 2019, before COVID hit, Forever 21 filed for bankruptcy, according to Business Insider, and has subsequently closed hundreds of stores across the country.
4 Nordstrom
The popular department store announced it would be closing 19 locations, a fraction of its 116 stores total, according to Business Insider. The company is currently keeping all of its Nordstrom Rack stores intact. And for more up-to-date information, sign up for our daily newsletter.
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