Lord & Taylor Store In New York Closes Its Doors

2024 Author: Steven Freeman | [email protected]. Last modified: 2023-12-17 08:15

As we said before, both 2017 and 2018 were pretty tough years for some iconic U. S. chain stores. Some had to file for bankruptcy to avoid closing their doors, others had to sell shares or fire hundreds of employees, and others had no choice but to close many of their stores around the country. But without a doubt, one of the announcements that surprised us the most was the closing of the legendary Lord & Taylor store on 5th Avenue in New York City. This January 2 the doors of the iconic store closed forever.

It was last summer when the company announced the closure and although many hoped that they would solve the problems and be able to maintain the store that had been 104 years old and is a favorite of New Yorkers.

It was the financial problems that led the store to get rid of its most important establishment. And it is that, in the last year and a half, the company had incredible economic losses from which they could not recover. To be specific, the Lord & Taylor lost chain has also closed other stores and now plans to focus more on its digital platform.

We are going to take advantage of having something smaller to think better about our working model and focus on our digital platforms,”Lord & Taylor said in a statement released several months ago.