Majors

Lord & Taylor to Close All Stores After 200 Years

MajorsSep 09, 2020

Lord & Taylor to Close All Stores After 200 Years

As the department store chain prepares to liquidate, here’s a look back at its heyday and how it went bankrupt.

20200909_Lord__Taylor_header.jpg
A Lord & Taylor department store in 1949. The retailer has plans to liquidate all 38 locations following its recent bankruptcy filing. (Image courtesy of HBC Heritage)
New York—Lord & Taylor, one of the oldest department store chains in the U.S., will soon close its doors after nearly 200 years.

Once a heavyweight in the retail space, here’s a look at how it rose to success and what led it to bankruptcy.

Lord & Taylor was a trailblazer in its heyday.

English immigrants Samuel Lord and George Washington Taylor opened a dry goods store in Manhattan’s Lower East Side in 1826.

Lord & Taylor later found success selling women’s clothing, and was notable for its fashion sense and commitment to customer service. It went public in 1904.

The store relocated six times before moving uptown into its Fifth Avenue flagship in 1914.

At its height, Lord & Taylor was a retail pioneer, introducing the concept of personal shopping and selecting Dorothy Shaver as its president in 1945, the first woman to lead a major retail store.

The company was one of the first to branch out into the suburbs and to promote American designers.

Lord & Taylor struggled to compete in a changing retail environment.

In search of success, Lord & Taylor changed hands several times.

It was acquired by May Department Stores in 1986, which was then acquired by Federated Department Stores, now Macy’s Inc., in 2005.

Private equity firm NRDC Equity Partners acquired Lord & Taylor in 2006. In 2008, NRDC acquired Hudson’s Bay Company, which also owns Saks Fifth Avenue, and put Lord & Taylor under the HBC umbrella, where it remained for more than a decade.

Once a beacon of department store glamour, Lord & Taylor struggled to compete in a changing world.

It sold its flagship Fifth Avenue store, its home for more than a century, to WeWork in 2017. Amazon moved into the building last month.



The former Lord & Taylor flagship store on New York’s Fifth Avenue, which was sold in 2018 to WeWork. Amazon bought the space last month.
The former Lord & Taylor flagship store on New York’s Fifth Avenue, which was sold in 2018 to WeWork. Amazon bought the space last month.

While Lord & Taylor’s flagship was being sold, a $250 million renovation of neighboring Saks Fifth Avenue was underway, which included The Vault, a revamp of its basement into a swanky space dedicated to high jewelry and watches.

In 2019, Hudson’s Bay Company was whittling down its portfolio, looking to shift its focus to the more successful Saks and Hudson’s Bay.

Lord & Taylor got the boot.

The retailer was acquired for the last time by Le Tote, a clothing rental subscription service company.

Le Tote tried to revamp the brand, opening a Lord & Taylor pop-up shop and making the company more tech-savvy, but it was unsuccessful.
The retailer’s reputation also suffered outside of its sales slump.

A location in Dearborn, Michigan made headlines in 2000 when a private security guard was charged with involuntary manslaughter after using a fatal chokehold on shopper Frederick Finley, a Black man who was suspected of shoplifting. Thousands protested outside of its store.

In 2018, the retailer was in the spotlight again after an HBC security breach compromised the personal information of shoppers.

The COVID-19 pandemic put pressure on the struggling retailer.

Lord & Taylor was already fighting to stay afloat when the COVID-19 pandemic struck, forcing the temporary closure of its 38 locations in March.

Last month, Lord & Taylor and Le Tote filed for Chapter 11 bankruptcy protection, joining heavyweights JC Penney and Neiman Marcus.

At the time of filing, its debt obligations reached nearly $140 million.

With a restructuring plan in place, the retailer planned to shutter 24 of its locations and searched for a new owner.

When a buyer failed to emerge, it decided to liquidate all 38 locations.

Store closing sales, orchestrated by liquidators Hilco Merchant Resources and Gordon Brothers, have already begun.

Lord & Taylor joins a long list of bankruptcies and its demise leaves few department stores standing.

As retail titan Amazon settles into Lord and Taylor’s former flagship, the future of department stores remains uncertain.

Barneys New York, a fellow New York department store staple, closed its doors for good last year.

From JC Penney and Sears to Neiman Marcus, major players have recently filed for bankruptcy and shuttered stores.

More than 100 consumer-focused companies went bankrupt this year as of Aug., according to an S&P Global Market Intelligence report.

Of those, 85 were categorized as consumer discretionary, including department stores as well as retailers like J. Crew and Ascena Retail Group.
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.
tags:

The Latest

Future Fortune sapphire ring
TechnologyMar 28, 2024
Pinterest’s 2024 Wedding Report Is Out

The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.

David Ettinger
IndependentsMar 28, 2024
David Ettinger of Bechdel Jewelers Dies at 69

He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.

Jewelers of America logo
IndependentsMar 28, 2024
JA to Host Series of Learning Workshops

The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.

Jewelers of America Fly In Washington, D.C.
Brought to you by
How Jewelers of America Represents Your Business

For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.

Jaeger-LeCoultre Madison Avenue NYC store
WatchesMar 28, 2024
Peek Inside Jaeger-LeCoultre’s Revamped NYC Flagship

The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.

Weekly QuizMar 28, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Asian Star’s diamond manufacturing facility in India
SourcingMar 27, 2024
Compliance, Caution, and Concern: The Current Outlook of Indian Diamantaires

There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.

Kira Diam solar plant
Lab-GrownMar 27, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing

A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.

BTYB-HoBrothers-updated.png
Brought to you by
The Scalable, Professional, and Effortless Solution for High-Demand Custom Jewelry Retailers

Ho Brothers offers scalable solutions for the future of custom jewelry.

Bharat Ratnam, a Mega Common Facilitation Centre (CFC)
SourcingMar 27, 2024
Reinvigorating SEEPZ, the Epicenter of India’s Studded Jewelry Exports

The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.

SRK Empire and SRK House
Policies & IssuesMar 27, 2024
SRK Exports’ Journey Toward Net Zero Impact

By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.

Georgia May Jagger Tommy Hilfiger ad campaign
FinancialsMar 27, 2024
Movado’s Full-Year Sales Sink 11%

The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.

Hand holding shopping bags
SurveysMar 27, 2024
Consumer Confidence Held Steady in March

Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.

Bernadette Mack
Policies & IssuesMar 27, 2024
Mercury Free Mining Hires Bernadette Mack

The former WJA executive director is MFM’s new managing director.

April Is Diamonds Do Good Month
Policies & IssuesMar 27, 2024
Diamonds Do Good Announces Its April Initiative

DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.

National Jeweler columnists Duvall O’Steen and Jen Cullen Williams
ColumnistsMar 26, 2024
Creative Connecting: AI Tools and Tips for Social Media

Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.

Interior of Miami Lakes Jewelers
IndependentsMar 26, 2024
Miami Lakes Jewelers to Close After 37 Years

The Florida store’s owner Miguel Gonzalez is retiring.

 International Gemological Institute
GradingMar 26, 2024
IGI Announces Tech for ID’ing Lab-Grown Colored Diamonds

The lab stresses the importance of accurate identification, as the difference in price is “substantial.”

Kendra Scott lab-grown diamond jewelry
CollectionsMar 25, 2024
Kendra Scott Debuts Lab-Grown Diamond Fashion Jewelry

The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.

Instappraise logo NAJA logo
Events & AwardsMar 25, 2024
NAJA, Instappraise Offering Scholarships for Aspiring Jewelry Appraisers

One is reserved for a NAJA member, the other for a non-member.

Carie Lehrke and Megan Mattice
MajorsMar 25, 2024
Borsheims Announces New VP of HR, Assistant Manager

Longtime employees Carie Lehrke and Megan Mattice have received promotions.

My Next Question graphic vintage jewelry webinar
Recorded WebinarsMar 22, 2024
Watch: How to Buy and Sell Vintage Jewelry

Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.

Chris Clipper and Robert Lepere
MajorsMar 22, 2024
David Yurman Announces New CFO, Chief People Officer

Chris Clipper and Robert Lepere join the company with 50 years of combined experience.

Nakard pyrite earrings
CollectionsMar 22, 2024
Piece of the Week: Nakard’s Pyrite Earrings

The trendy, metallic earrings wink at classic spring colors.

Stock image of police cars with their lights on
CrimeMar 21, 2024
Sparks Fly as Burglars Lose Safe on California Freeway

JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.

Grizzly Mining rough emeralds
SourcingMar 21, 2024
Grizzly Sells 4,145-Carat Emerald for Over $1M

The miner’s March auction generated $19 million.

Helen McCluskey
MajorsMar 21, 2024
Signet Jewelers Names New Board Chair

Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.

Julia Roberts wearing a Chopard necklace
CollectionsMar 20, 2024
Julia Roberts Co-Designs New Chopard Jewelry Collection

“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy