Lord And Taylor To Close Its Flagship Store In New York

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

2017 was a very difficult year for many chain stores that due to low sales had to declare bankruptcy and close many of their stores. Even many of those stores are our favorites and unfortunately 2018 does not look good at all. It turns out that the problems of popular and beloved brands continue to increase and now many stores have announced that they will close a large number of stores due to poor performance. Companies like Michael Kors, Sears and Kmart announced that they will close dozens of their stores around the country. Unfortunately the bad news continues and this time the bad luck fell to Lord & Taylor.

The popular chain of stores has just announced that it will close its iconic store located on 5th Avenue in New York due to the increasing losses the company has had in the last year. To be specific, the Lord & Taylor chain of stores lost the sum of the year. It also plans to close 10 more stores from now until 2019. Its goal is to focus more on the 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. "The Lord & Taylor window on Walmart.com, which launched last week, is an excellent example of this and represents the way we are thinking about the business."

We wish the company good luck.