Lord & Taylor to begin going-out-of-business sales at its 38 locations

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Lord & Taylor will start going-out-of-business sales at its 38 locations on Thursday, the company announced. Le Tote Inc., a clothing rental subscription company, purchased Lord & Taylor from Hudson’s Bay Co. almost exactly one year ago for about $100 million. The company filed for bankruptcy on August 2. “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, Le Tote’s chief restructuring officer said in a statement. A full list of store locations is available here. Lord & Taylor is one of a number of retail bankruptcies that have been filed since the beginning of the coronavirus pandemic. The department store category is at particular risk due to a number of factors including the shift to e-commerce and traffic declines at malls. The ProShares Decline of the Retail Store ETF is down 17.3% for the year to date. The SPDR S&P Retail ETF has rallied 16.1%. And the S&P 500 index is up 7.7% for the period.
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