Going Out Of Business Sales Announced At Iconic Lord & Taylor

CONNECTICUT — The demise of iconic department store retailer Lord & Taylor seems imminent with the announcement Thursday by parent Le Tote Inc. that going out of business sales have commenced at the historic brand's 38 stores and on www.lordandtaylor.com.

On Aug 2, LeTote filed for Chapter 11 reorganization and announced its pursuit of a "going concern buyer" for Lord & Taylor.

"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," said Ed Kremer, the company's chief restructuring officer.

In other words, everything's going.

The going out of business sale began Thursday and will continue to be led by the joint venture of Hilco Merchant Resources and Gordon Brothers, which touted "deep discounts plus departmental promotions effective throughout the sale process in store and online."

Discounts apply to existing inventory, new store arrivals and on new categories not previously sold at these stores, according to the announcement.

The "historic event" will also feature the sale of in-store fixtures, furniture, and equipment, according the announcement.

Connecticut stores are located at malls on the Farmington-West Hartford line, in Trumbull, and in Danbury. There is a freestanding store in Stamford as well that is considered a retail landmark.