Lord & Taylor Falls In The Retail Graveyard!

Lord & Taylor closing remaining stores.

The downfall of our nation's malls. With anchor stores closing up, malls are going to no longer exist in this decade. The fall of the nation's malls show that Donald J. Trump's trade war and the coronavirus had impacted suburbia.

Lord & Taylor is going out of business. The nearly 200 year old retailer had announced they are going into liquidation. They had filed for bankruptcy in August. This along with Stein Mart will impact malls across the country.

The company announced it will shut down the remaining 40 stores in the country.

"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 option for the company's brands," Ed Kremer, Lord & Taylor's chief restructuring officer said in a statement.

Lord & Taylor filed for bankruptcy joining a string of retailers that filed for Chapter 11 in recent months. According to CNN, the company was going to continue to operate at least 24 stores.

Since they couldn't find a buyer the private equity firm decided the time was now to shut down.

The CEO and top executives will end up getting golden parachutes and the workers will end up getting the remaining workers will probably get nothing more than a few paychecks.

On Thursday, shareholders announce the closure. The chain started by Englishmen Samuel Lord and George Washington Taylor on the lower east end of Manhattan in 1824. The company was sold to Le Tote, Inc. as a last minute move to keep the company afloat.

Other companies included J. Crew, Pier 1 Imports, Stein Mart, JCPenney, Neiman Marcus, Stage and Ascena Retail Group which owns Ann Taylor and Lane Bryant have filed for bankruptcy and are slated to close stores.

If Sears/Kmart close all the remaining stores, it will trigger a nationwide retail closure with most companies. Trust me, Sears will trigger a global recession.