Another Major Retailer Is Closing At Crossgates Mall
Another retailer is closing up shop at Crossgates Mall and this time it's another anchor store that is one of the oldest department store chains in the country.
Lord & Taylor, founded in 1826, filed for bankruptcy protection under Chapter 11 Bankruptcy on Sunday. The company announced that it plans to close all 38 Lord & Taylor stores including the store at Crossgates Mall.
NewYorkUpstate.com reports that Lord & Taylor's parent company, Le Tote, said it will put all the company’s assets up for auction in hopes that a buyer can be found for some of its most profitable stores. The company said it is unlikely a retail buyer will purchase all its stores.
While Lord & Talyor wait to hopefully find a buyer they will start liquidating their inventory at all their stores. The company has hired two liquidation specialists, Hilco Merchants Resources and Gordan Brothers Retail Partners, to hold closing sales at all 38 of its stores. So for their no word on when the closing sale will start.
It's been tough for most brick and mortar retailers over the last few years due to more and more people shopping online. Throw the coronavirus pandemic on top of that and you have a recipe for retailers closing their doors.
Lord & Taylor is one department store in an ever-growing list of companies that have decided to shut down some or all of their stores since the coronavirus outbreak. Most filing some kind of bankruptcy protection. The partial list includes JC Penney, Pier 1 Imports, Tuesday Morning, Hertz, 24 Hour Fitness, GNC, and Chuck E Cheese according to NBC News.