After 194 years, Lord & Taylor is closing its stores

by Carolyne Volpe Curley / Carolyne@WestEssexNOW.com
Published 3pm, August 27, 2020

AFTER 194 YEARS, LORD & TAYLOR IS CLOSING ITS STORES

This morning, Lord & Taylor, which has operated for 194 years, announced that it would be closing all of its remaining 14 stores and liquidating all of its merchandise, store fixtures, furniture and equipment. The company recently filed for bankruptcy and continues to seek a new buyer.

194 Years
1826​

• English immigrants Samuel Lord and George Washington Taylor opened their Dry Goods Shop located in New York City's Lower East Side on Catherine Street

1853

• The second store to open was at Grand and Chrystie Streets; it was the first store in New York City to use a glass-domed central rotunda to shine light into the interior

1860

• Grand Street and Broadway opened
• Broadway and 20th Street opened

1914

• What was to become the flagship store opened on Fifth Avenue. The ornate Italian Renaissance building featured an elaborate 10th floor dining area along with a concert hall which housed a built-in pipe organ. It was called “America’s First Store.”

1938

• November was unseasonably warm. The Fifth Avenue store managers used a fan to blow cornflakes which were painted to look like white snowflakes in an effort to attract attention to its windows. The simulated snow storm encouraged shoppers to think of the upcoming holidays and became the first New York decorated Christmas Windows display

​1941

• Manhasset, NY location opens

1945

• Dorothy Shaver, who joined the staff in 1921, became President of Lord & Taylor; the first female to ever lead a major retail store. Shaver went on to open locations throughout the tri-state area.

1986

• Lord & Taylor was purchased by May Department Stores Company and which oversaw 76 locations

1997

• Lord & Taylor replaced Wanamaker's store in Philadelphia

2005

• May Department Stores Company was purchased by Federated Department Stores

2006

• Federated Department Stores sold Lord & Taylor to private equity company NRDC (National Retail and Development Company) 

2012

• Hudson Bay purchased Lord & Taylor from NRDC 

2018

• Hudson Bay closed 10 Lord & Taylor locations, including the Fifth Avenue store whose building it sold for $850 million to WeWork

2019

• ​Le Tote purchased Lord & Taylor from Hudson Bay for $77 million

2020 BANKRUPTCY

• Lord & Taylor filed for Chapter 11 reorganization on Aug. 2, 2020 and closed 24 stores
• The company continues to search for a new buyer

Chief Restructuring Officer Ed Kremer:

"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. I am extraordinarily proud of the continued efforts of our store and corporate team members as they have worked tirelessly over the past several months, under unprecedented conditions, to preserve this historic brand. We have a long road ahead of us and I am grateful and humbled by the dedication and resiliency of our team."

Lord & Taylor LIQUIDATION

• All merchandise will be available in stores and online at deeply discounted prices
• Store fixtures, furniture, and equipment will also be sold off

STORE LOCATIONS

• The directory found here will continue to update open store hours.

​New Jersey locations are as follows:

• Bridgewater Commons, Bridgewater
• Livingston Mall, Livingston
• Garden State Plaza, Paramus
• The Fashion Center, Paramus
• Rockaway Townsquare, Rockaway
• Willowbrook Mall, Wayne
• Westfield, Westfield

AMAZON

• In March, 2020, Seattle's Amazon purchased from WeWork the 11-story, 660,000 square foot Fifth Avenue landmark, NYC, store for $1.15 billion to serve as its New York City Headquarters