Is Lord and Taylor still in business? Lord & Taylor is still in business but with a twist. While you won’t find their stores on the street, you can still explore and shop for their products. Let’s discover Lord & Taylor’s entire story!
Lord & Taylor, the oldest department store in the U.S., officially closed all 38 stores after a 194-year run. After filing for bankruptcy on Aug. 2, the retailer and its parent company, Le Tote, sought a buyer for Lord & Taylor. It previously announced the closure of 24 doors.
“While we entertain various opportunities, we believe it is prudent to put the remainder of the stores into liquidation simultaneously. This way, we can maximize the value of inventory for the estate while pursuing options for the company’s brands,” said Ed Kremer, the company’s chief restructuring officer, in a statement.
Going-out-of-business sales had started at the locations previously targeted for closing. Later, it marked the start of sales at the remaining units.
The company stated there would be deep discounts both in-store and online.
Lord & Taylor filed for Chapter 11 protection in August 2020 in the United States Bankruptcy Court for the Eastern District of Virginia. According to the filing, it owed millions of dollars to 10 companies and hundreds of thousands to at least 20 more firms.
The retailer’s largest creditor was the Israel-based Liquidity Capital II LP, with an unsecured claim of $8.5 million. It also owed $4.7 million to G-III Leather Fashions Inc., $3.5 million to Polo Ralph Lauren Clothing, and $2.1 million to Michael Kors LLC.
Lord & Taylor was just one of the major retailers that went bankrupt that summer. JCPenney closed hundreds of stores as part of its restructuring and looked for a buyer. Neiman Marcus, J. Crew, and Steinmart were some of the other big names that filed Chapter 11 in the past few months.
Which Stores Closed and What Brands Were on Sale?
Lord & Taylor was one of the oldest department store chains in the United States. It completed the liquidation process for 19 of its 38 stores. The retailer filed for Chapter 11 bankruptcy protection after the coronavirus pandemic. It followed a trend among department stores and apparel retailers.
Despite the challenges, Lord & Taylor was actively seeking a new owner. Managed by Hilco Merchant Resources and Gordon Brothers, the store closing sales offered significant price reductions on popular brands, including:
- DKNY
- Nike
- Ralph Lauren
- Tommy Bahama
The following Lord & Taylor stores concluded their liquidation sales:
Connecticut Closures
- Farmington: West Farms Mall, 400 West Farms Mall
- Danbury: Danbury Fair Mall, 7 Backus Ave.
- Trumbull: Trumbull Store, 5065 Main St.
Florida Closure
- Boca Raton: Mizner Park, 200 Plaza Real
- Michigan Closure:
- Novi: Twelve Oaks Store, 27650 Novi Road
New Hampshire Closure
- Salem: Rockingham Park Mall, 99 Rockingham Park Blvd. (closed on Aug. 20)
Pennsylvania Closure
- Bala Cynwyd: Bala-Cynwyd Store, 121 E City Ave.
Virginia Closure
- Fairfax: Fair Oaks Mall, 117778 Fair Oaks Mall
New Jersey Closures
- Livingston: Livingston Store, 111 Eisenhower Parkway (closed on Aug. 20)
- Rockaway: Rockaway Store, 317 Mt Hope Ave. (closed on Aug. 20)
- Wayne: Willowbrook Mall, 4 Willowbrook Blvd.
New York Closures
- Albany: Crossgates, 1 Crossgates Mall Road
- Bay Shore: Bay Shore Mall, 1701 Sunrise Highway
- Buffalo: Walden Galleria Store, 8 Walden Galleria
- Huntington Station: Walt Whitman Store, 158 Walt Whitman Road (closed on Aug. 20)
- Rochester (Victor): Eastview Mall, 7979 Victor-Pittsford Road
- Syracuse: Destiny USA, 9629 Destiny USA Drive
- Yonkers: Ridge Hill Village, 157 Market St.
Illinois Closure
- Northbrook: Northbrook Store, 1455 Lake Cook Road
- Schaumburg: Woodfield Mall, 4 Woodfield Mall (closed on Aug. 20)
Maryland Closures
- Kensington: White Flint Store, 11311 Rockville Pike
- Columbia: Columbia Mall, 10300 Little Patuxent Parkway
Massachusetts Closures
- Boston: Prudential Center, 800 Boylston St.
- Natick: Natick Store, 1245 Worcester Road
Who Owns Lord & Taylor Now?
Lord & Taylor was a once-prominent American retailer. It was founded in 1826, faced financial challenges, and declared bankruptcy in 2020. The iconic department store, with roots tracing back almost two centuries, closed its physical store operations in 2021.
The current owner of Lord & Taylor is Saadia Group LLC. Now, let’s examine how Lord & Taylor has shaped its history.
What Is The History Of Lord & Taylor?
1826 Samuel Lord began a dry goods business in New York City. Later, the first Lord & Taylor store opened in 1826 on Catherine Street. The store sold hosiery, misses’ wear, and cashmere shawls.
1834, George Washington Taylor joined, and the store became Lord & Taylor. The business expanded. Later, moved to different locations and opened a second store on Broadway in 1859.
After Samuel Lord retired in 1862, the company went through leadership changes. Also faced economic challenges after the Panic of 1873.
In 1870, the Broadway store moved uptown to a new building at Broadway and 20th Street. Despite difficulties, Lord & Taylor continued to grow, opening stores on Fifth Avenue in 1903 and 1906.
The iconic Lord & Taylor Building, located on Fifth Avenue between 38th and 39th streets, opened in 1914.
The company announced the sale of its wholesale business in 1915. Under Associated Dry Goods from 1916 to 1986, Dorothy Shaver became the first female president in 1945. Later, introduced innovative retail concepts and expanded into the suburbs.
William J. Lippincott became chairman and CEO in 1972, expanding the company beyond the northeast.
However, a management shakeup in 1976 saw him ousted. In the 1980s, Lord & Taylor aggressively expanded in Texas, Illinois, and Michigan.
May Company acquired Associated Dry Goods in 1986, leading to Lord & Taylor’s market presence changes.
The chain partially withdrew from Texas and southern Florida in 1989–1990. Jane T. Elfers, Brendan Hoffman, Bonnie Brooks, and Liz Rodbell served as presidents in the 2000s.
Federated Department Stores, now Macy’s Inc., acquired May Department Stores in 2005.
On January 12, 2006, Terry Lundgren, Federated’s chairman, president, and CEO, announced Lord & Taylor would be sold by the end of the year. Seven conflicting locations were either sold or downscaled into Macy’s in 2006.
2006 NRDC Equity Partners, LLC bought Lord & Taylor for $1.2 billion, completing the sale in October 2006. Federated continued managing Lord & Taylor consumer credit accounts until mid-2007.
Under Hudson’s Bay Company from 2008 to 2019, NRDC Equity Partners placed Lord & Taylor under HBC in 2008. HBC invested $250 million in in-store upgrades, with the Fifth Avenue flagship store receiving a $150 million update in 2010. Modern concept stores opened in various locations.
2017 Lord & Taylor partnered with Brideside.com for an in-store bridal shop.
In 2018, the flagship store was sold to WeWork for $725 million in cash and equity.
On April 1, 2018, Hudson’s Bay Company reported a hacking incident that exposed customers’ credit and debit card information. Lord & Taylor and Saks Fifth Avenue customers were mostly affected. But the company assured customers it wouldn’t be responsible for any unauthorized charges.
In May 2018, Walmart began selling Lord & Taylor fashions on its website, a move praised for modernizing Walmart.
Under Le Tote from 2019 to 2020, Le Tote, Inc. bought Lord & Taylor for CA$99.5 million in cash, with an additional CA$33.2 million two years later. HBC retained a 25% equity stake. In November 2019, transferring ownership of all 38 Lord & Taylor brick-and-mortar locations.
In 2020, Saadia Group Investment acquired Lord & Taylor.
What is Lord & Taylor’s current status?
In October 2020, the Saadia Group investment firm took over Lord & Taylor and shifted its focus to a digital-first approach. A new advertising campaign called “Fall Fete” and an updated logo were introduced in fall 2022. Additionally, there was news in August 2021 about SaksWorks, a collaboration with WeWork, and a spinoff of Saks Fifth Avenue. It offered co-working spaces for tech startups and services for other businesses. It was expected that SaksWorks would occupy around 90% of the former Lord & Taylor physical locations. Hudson’s Bay Company retained ownership of the real estate for these properties.
Investment firm Saadia Group purchased Lord & Taylor’s store inventory, intellectual property, and e-commerce assets for $12 million in October 2020. However, the liquidation of all 38 Lord & Taylor stores and its website continued.
What Is The Future Of Lord & Taylor?
Lord & Taylor, one of the oldest U.S. department store chains, closed shop for good after going bankrupt in 2020. Le Tote, an online clothing rental company from San Francisco, snagged the retailer for $100 million in 2019. All 38 Lord & Taylor stores have shut down permanently, including their website.
Currently, Lord & Taylor’s future outlook is promising. The Saadia Group, LLC, took over in 2020. Now, Saadia Group is planning the revival of Lord & Taylor with a revamped website. It is believed that this website will initially focus on women’s and men’s apparel, homewares, and beauty, according to Women’s Wear Daily. Childrenswear, fashion accessories, and footwear will be added in the second half 2021. Upon visiting the website, users are greeted with a message stating, ‘We’re working on something big.’ They can sign up for notifications about the new site launch.
The decision on whether physical stores will be part of Lord & Taylor’s future is pending. Jack Saadia, Principal and Co-founder of Saadia Group, expressed openness to the idea. Meanwhile, Saadia Group secured 41,000 square feet of office space at 275 Madison Avenue, NYC, serving as the new headquarters for Lord & Taylor and New York & Company, both acquired in October 2020.
“Lord & Taylor, with a retail legacy spanning 195 years, holds a tradition of innovation and numerous fashion firsts,” shared Saadia with WWD. “We are excited to build the brand’s future, expand the loyal community, and show the world what’s next.”
Saadia added that he assembled a team of at least 40 merchants and I.T., operations, and finance experts. This way, they can lead the next chapter of the department store and actively seek a President.
Is Lord & Taylor High End?
According to Bob Hoyler, a senior analyst at Euromonitor International, Lord & Taylor doesn’t fall into the discount or luxury category. Instead, it positions itself in the middle of the market. However, being in this mid-market space hasn’t been favorable in recent years. Income disparities in the U.S. have led to substantial growth for discount and luxury retailers. This leaves more balanced retailers like Lord & Taylor facing stagnating or declining sales.
How Many Lord & Taylor Stores Are Still Open?
No, Lord & Taylor physical stores are not available. However, it is exclusively available online. Even though they don’t have physical stores, they are dedicated to providing you with the best online shopping experience.
Is Bloomingdales Still In Business?
Bloomingdale’s Inc. is a fancy American department store chain. It was started in 1861 by Benjamin and Lyman Bloomingdale. In 1930, it was picked up by Federated Department Stores. Later, in 1994, Federated also got hold of the Macy’s department store chain, making them sister brands. Eventually, in 2007, Federated got a makeover and became Macy’s, Inc.
As of March 23, 2023, Bloomingdale has 36 regular department stores. Not only this, but it also has 23 outlet stores and a unique Bloomie’s Mosaic concept store chilling in Virginia. Its main office and top store are hanging out at 59th Street and Lexington Avenue in Manhattan, New York City.
Who Are The Competitors Of Lord & Taylor?
While there are no physical Lord & Taylor stores, its legacy endures online. You can also explore other brands that compete with Lord & Taylor in various aspects. Let’s take a look at a few of Lord & Taylor’s competitors:
Macy’s
Macy’s is a large chain of department stores spread across the U.S. It is headquartered in New York City. It’s known for selling various products, including clothing, accessories, and home goods. Macy’s is recognized for its broad product range and competitive prices.
Nordstrom
Nordstrom is a luxury department store chain. It is headquartered in Seattle, Washington, with over 100 stores nationwide. Specializing in high-end fashion items, it is praised for its exceptional customer service.
Bloomingdale’s
Bloomingdale’s, based in New York City, is a department store chain with 50+ stores in the U.S. It is renowned for offering upscale products and staying on top of the latest fashion trends, encompassing clothing, accessories, and home goods.
Saks Fifth Avenue
Headquartered in New York City, Saks Fifth Avenue boasts 40+ stores across the U.S. It is a prestigious luxury department store celebrated for its high-end products. It delivers a personalized shopping experience, including clothing, shoes, and accessories.
Neiman Marcus
It is located in Dallas, Texas, and manages a network of 40+ upscale department stores spanning the United States. Renowned for its high-end offerings and exclusive collaborations with designers, Neiman Marcus features various products, including clothing, shoes, and accessories.
Dillard’s
Headquartered in Little Rock, Arkansas, operates a widespread chain of 250+ department stores nationwide. Acknowledged for its budget-friendly pricing and an extensive selection of brands, Dillard’s provides a diverse range of products, encompassing clothing, accessories, and home goods.
Kohl’s
It is situated in Menomonee Falls, Wisconsin, and is a department store chain with a vast presence of 1,100+ locations throughout the U.S. Celebrated for its frequent discounts and cost-effective products; Kohl’s offers a variety of items, including clothing, accessories, and home goods.
JCPenney
It is based in Plano, Texas, and oversees a network exceeding 600 department stores across the U.S. Commended for its affordability and recurrent sales, JCPenney provides a wide array of products, such as clothing, accessories, and home goods.
Target
Headquartered in Minneapolis, Minnesota, stands as a retail giant with over 1,900 stores nationwide. Noted for its diverse product offerings and budget-friendly items, Target caters to various needs, offering clothing, accessories, home goods, and groceries.
Final Thoughts
Lord & Taylor is still around, but you won’t find it in physical stores anymore. Instead, it has shifted its presence to the online world. So, while you won’t be strolling through their familiar aisles, you can still explore and shop for their products online. It’s a different shopping experience, but Lord & Taylor continues to offer its goods through the digital marketplace.
If you’re a fan of their products, the convenience of online shopping is what you need. Lord & Taylor may not be in the brick-and-mortar scene anymore. But it’s adapting to the times and making its presence felt in the virtual shopping landscape. So, if you’re wondering whether you can still get your hands on those Lord & Taylor items, the answer is yes – just with a few clicks instead of a walk through the store. The transition to an online platform keeps the legacy alive. This allows customers to easily access Lord & Taylor’s products in the digital age.
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