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Hilco Merchant Resources, Gordon Brothers to Oversee Closure of Lord & Taylor Outlets

August 04, 2020, 08:00 AM
Filed Under: Retail

A joint venture of Hilco Merchant Resources and Gordon Brothers has been chosen to manage the store closing process for Le Tote, Inc. and certain of its subsidiaries including Lord & Taylor, which filed for bankruptcy this week. Closures have already begun at 19 locations.  The 19 closing stores feature an abundant assortment of merchandise at significant price reductions. Celebrated brands like DKNY™, Nike™, Ralph Lauren™, Tommy Bahama™ and more are part of the sale.

On August 2, 2020, Le Tote filed for Chapter 11 reorganization in the United States Bankruptcy Court for the Eastern District of Virginia.  The Company will simultaneously solicit bids for a going concern sale of both its Le Tote and Lord + Taylor businesses, and conduct targeted store closing sales to maximize the value of its business.

The Company filed to facilitate and continue a marketing process for both of its business units that began this summer and to efficiently monetize any assets not sold as part of the marketing process.  Both Le Tote and Lord + Taylor will continue to operate during the chapter 11 process and offer the same superior service and value.

To help fund and protect its operations during the chapter 11 process, the Company has obtained consent to use cash collateral from its prepetition secured lenders.  The Company has also filed a number of customary motions seeking court authorization to support its operations during chapter 11, including the continued payment of employee wages and benefits.

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