Le Tote, Inc. and Lord & Taylor LLC will commence Going Out of Busines Sales shortly at the historic brands’ 38 iconic stores and on www.lordandtaylor.com.
On Aug 2, 2020, the Company filed for Chapter 11 reorganization and announced its pursuit of a going concern buyer.
“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,” Ed Kremer, the Company’s chief restructuring officer stated. He continued: “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.”
The going out of business sale, expected to begin in the balance of stores on Thursday August 27th, will continue to be led by the joint venture of Hilco Merchant Resources and Gordon Brothers.
“This Going Out of Business event gives shoppers the opportunity to take advantage of exceptional savings on notable brands at rarely seen discounts”, a spokesperson for the joint venture stated. “Customers will continue to experience the superior service and value they’ve come to expect from this iconic retailer.”
Deep discounts plus departmental promotions will be effective throughout the sale process in store and online. Discounts apply to existing inventory, new store arrivals and on new categories not previously sold at these stores. The historic event will also feature the sale of in store fixtures, furniture, and equipment.
Kirkland & Ellis LLP is acting as legal advisor to the Company and Berkeley Research Group, LLC is acting as restructuring advisor. Nfluence Partners is acting as the Company’s investment banker and a joint venture of Hilco Merchant Resources and Gordon Brothers are managing the Company’s store closing sales.