Lord & Taylor Is Going Out Of Business, Liquidation Sales Start Immediately
In yet another sign of the unprecedented harsh economic times, one of the country's most iconic retailers announced that they will cease operations and close their remaining stores.
According to the Asbury Park Press, Lord & Taylor said that while they're still looking for a strategic partner while they're in Chapter 11 bankruptcy proceedings, they feel that closing the remaining brick and mortar stores is, "prudent".
Among the closures will be the Lord & Taylor in Freehold, one of the Freehold Raceway Mall's anchor stores.
The Asbury Park Press article said that liquidation sales are expected to start immediately at the remaining locations, which the article says that there are still 38 of.
At the beginning of the month when the bankruptcy proceedings began, the company identified 3 New Jersey stores that would be closing, all of which are to the north of us here at the Jersey Shore.
At the time, that had left Lord & Taylor stores at the Freehold Raceway Mall, as well as 9 other New Jersey locations.
It's all happening so quickly in fact, that if you go to the store locator on the Lord & Taylor website, there are now only 3 locations that are still on the map, with two in New York and one in Washington, DC.
The next closest Lord & Taylor to us here in Ocean County, formerly at the Monmouth Mall, closed at the beginning of 2019.
You can click here for the full story from the Asbury Park Press, and you can click here for Lord & Taylor's official website that prominently features the going out of business sale.