New York (CNN Business) Lord & Taylor, the first department store established in the United States, is officially going out of business, ending a nearly 200-year run. The bankrupt company announced Thursday that all of its 38 remaining stores and website have begun liquidation sales — a reversal from last week's decision to keep 14 locations open. Lord & Taylor filed for bankruptcy on August 2, joining a string of upscale retailers filing for Chapter 11 in recent months. It initially announced 19 stores were closing, then increased that number to 24 a few weeks later. Its liquidator Hilco Merchant Resources promised expansive deep discounts in a statement Thursday,Read More

Source: CNN August 27, 2020 14:37 UTC