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The hits just keep on coming for Lord & Taylor. Just one day after announcing their bankruptcy along with parent company Le Tote, it’s been revealed the formally popular department store chain will be closing even more locations. COVID-19 strikes again!

Along with layoffs and pay cuts, closing locations has become a common occurrence for many businesses due to COVID-19. Countless businesses are struggling to survive due to economic hardships and are having to make really tough decisions in order to keep their businesses afloat. 

Le Tote and Lord & Taylor are not the first to close locations, and they certainly won’t be the last!

Shutting Down Locations 

In what’s probably an attempt to save the overall business, the company has decided to close 19 locations across the United States. 

Six stores will be closing in New York, three in Connecticut, two in Maryland and Massachusetts, and one in Florida, Illinois, Michigan, New Jersey, Pennsylvania, and Virginia. 

Le Tote, which bought Lord & Taylor from Hudson’s Bay Co. last year, acquired 38 stores at the time of purchase. And not only is the company shutting down locations, but they are also apparently asking for bids to sell both Le Tote and Lord & Taylor. 

Not a Good Time to Sell

After filing for Chapter 11 and now revealing they’ll be closing 19 stores, the company is still hoping to support their employees. In fact, they asked the U.S. Bankruptcy Court to allow them to continue to pay employee wages and benefits, as well as allow the stores to conduct closing sales. 

Though consumers are definitely more wary of visiting stores in person due to the COVID-19 outbreak, closing sale prices may entice people to venture to their closest closing Lord & Taylor. Brands such as DKNY, Nike, Ralph Lauren, and Tommy Bahama will all be available to buy during the liquidation sales. 

However, while closing down locations may seem like a last-ditch effort, the company is certain to have a hard time selling the company as a whole. With countless retail chains forced to lay-off employees and make pay cuts, this is a terrible time to be acquiring new business. 

Retail chains across the country are going to have to make very difficult decisions in the coming months in order to save their overall brand and company. Closing down stores is no one’s first choice, but it appears to be the hard decision companies are having to make in order to secure their bottom line.