Lord & Taylor, which was founded in New York City in 1826, plans to liquidate the inventory in stores as soon as they are reopened following their temporary shuttering due to COVID-19.
The department store retailer is getting ready for a bankruptcy process from which it does not expect to emerge. However the retailer is holding off the filing and liquidation until it can reopen its stores to sell off the merchandise.
This blow to the retail sector comes only days after news broke that J.Crew filed for bankruptcy.
