Lord & Taylor files for bankruptcy - YouLookFab Forum

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Lord & Taylor files for bankruptcy

JAileen

Veteran

This makes me very sad. I used to work across the street from the Galleria in Houston. Everyday, I entered through L&T to get into the mall, to have lunch. I may have bought a few things from them along the way. I really liked the store. I guess they’re another dinosaur.

https://www.nbcnews.com/busine.....ruptcy-n12

General

16 replies

Latest reply was from rachylou

UmmLila (Lisa)

Veteran

One of my favorite stores, Need Supply, is also closing.

Their wind-up sale is good, though.

em

This was my favorite department store.

Chris987

Veteran

In normal times, filing for chapter 11 bankruptcy means a company gets legal permission to not pay off it's current debt, and instead pay less and have a chance of surviving. Sometimes they can reorganize or find new investors to get them moving forward. Many companies survive, many do not and are liquidated. These are not normal times of course so it's hard to predict which of the retail businesses (or any other type of business) filing for chapter 11 will rise from the ashes and which will completely fail.

L&T had already been struggling with the switch to online sales, already had huge debt, and they have a strong focus on "officewear" which if course is not selling well anywhere right now. It's one of my favorite dept stores but things do not look good for them.

I keep wondering if there are investors waiting in the wings to buy up (at bargain prices) the assets of the retail businesses that fail. Time will tell I guess. It's all so sad to watch. I imagine there will eventually be new clothing "stores" but maybe more online than ever....

nuancedream

Veteran

As Chris987 outlined so well in her comment, Lord & Taylor had been struggling, long before COVID-19. Any retailer that is closely tied to shopping malls has had declining foot traffic for some time. COVID-19 just accelerated that situation. L & T is having liquidation/store closing sales in 19 of 38 locations as well as looking for a new buyer. They were puchased by Le Tote, a startup clothing rental company last year. Very sad indeed for a nearly 200 year old company.

rachylou

Veteran

That’s sad. But it’s true, all the LTs have already disappeared from my life.

kkards

Veteran

Honestly, i had thought that L&T had filed a long time ago...i feel like its been years since they were the L&T we are remembering, but it is so sad to see.

JAileen

Veteran

Ouch. Sometimes when I hear on the news that so and so has died, I think I didn’t know they were still alive. I worked by the Galleria in the 80s. That was an amazing mall - Neiman Marcus, Lord & Taylor, Marshall Field, Macy’s, and ice skating in the middle. I’ve been to the Mall of America and yes it’s big, but it’s not as nice as the Galleria was. I haven’t been there since we moved away.

Laurie

Veteran

There is a L&T that anchored a mall near Bethesda, MD. The mall was torn down a few years ago, but L&T held out and refused to relocate. The entire property is overgrown with weeds, and the L&T just stands there...I'm sure there's a frustrated developer somewhere cheering at this news.
I was not a regular L&T shopper but I have gotten lovely things there, at great prices, over the years including the only full-length formal gown I own, bought to wear to a State Dept function in Istanbul several years ago, and worn again when I was my son's date for the All Academies Christmas Ball in 2016. My Aimee Kestenberg backpacks. Suits for my guys.

Anonymous

I never think to check L&T, though sad for another retail casualty. There legit won't be anything left in the malls

Jaime

(website)

Veteran

Mixed emotions but Chris987 summed up my reaction to most corporate bankruptcies well. If there are not underlying issues, it does not necessarily mean the end.

Brooklyn

Veteran

When I was in NYC in 2018 I was pretty shocked at how empty L&T was. So I’m not surprised. Department stores have been struggling here too (pre-pandemic). Very sad for all concerned, especially the employees.

Anonymous

Lord and Taylors was my favorite store back in the 1980s. Everything was excellent quality. There are a bunch of stores I used to frequent which are no longer in existence unfortunately - Haynes Dept Store, B Altmans

Anonymous

I just read an article in the NYTimes, "Sweatpants Forever," about the collapse of the fashion industry and demise of big retailers. It's from the viewpoint of the creator of Band of Outsiders, and it's full of insight about what's been going down in the fashion world. My favorite quote was from Marc Jacobs: “We’ve done everything to such excess that there is no consumer for all of it,” Jacobs told Vogue. “Everyone is exhausted by it. The designers are exhausted by it. The journalists are exhausted from following it.” He added, “When you’re just told to produce, to produce, to produce, it’s like having a gun to your head and saying, you know, Dance, monkey!” Wow.

nuancedream

Veteran

Lord & Taylor just announced they are closing all remaining stores after 194 years in business. The flagship store in NYC closed last year and the building is being converted into office space for Amazon tech employees. So very sad indeed.

Chris987

Veteran

Thanks for letting us know. nuancedream. I need to have a little memorial service with a glass of wine or something - I am SO sad to see them closing.

rachylou

Veteran

Gosh. End of the era.