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Lord & Taylor kicked off liquidation sales at 19 of its 38 stores on Sunday as it filed for chapter 11 bankruptcy protection.
The department-store chain and its parent company, Le Tote, hired two liquidators — Hilco Merchant Resources and Gordon Brothers — to conduct the closing sales, Hilco said in a news release.
Liquidation sales at the remaining stores could soon be underway, as well, according to court documents.
Chief Restructuring Officer Ed Kremer said in a court declaration that Lord & Taylor is hoping to sell some of its most profitable stores through an auction process.
If a buyer is found for one or more stores, the company will stop liquidation sales at those locations.
Without a buyer, however, all stores could liquidate.
“The Debtors are hopeful that there will be active bidding on their store assets at the Auction; however, they recognize it is unlikely that a retail buyer will purchase all of their 38 locations,” Kremer said. “Accordingly, the Debtors intend to conduct the Store Closings for each of their locations at this time.”
Here’s the list of 19 stores where liquidation sales have begun: