Le Tote and Lord & Taylor plan to liquidate all 38 stores, website

By Caroline Salls

Pittsburgh, Aug. 27 – Le Tote, Inc. and Lord & Taylor LLC will conduct going-out-of-business sales “shortly” at all of the brands’ 38 stores and lordandtaylor.com, according to a news release.

When it filed Chapter 11 bankruptcy on Aug. 2, Le Tote said it would seek a going-concern buyer.

“While we are still entertaining various opportunities, we believe it is prudent to simultaneously put the remainder of the stores into liquidation to maximize value of inventory for the estate while pursuing options for the company’s brands,” chief restructuring officer Ed Kremer said in the release.

The going-out-of-business sale, which was expected to begin in the balance of stores on Thursday, will continue to be led by the joint venture of Hilco Merchant Resources and Gordon Brothers.

Kirkland & Ellis LLP is acting as legal adviser to the company, and Berkeley Research Group, LLC is acting as restructuring adviser. Nfluence Partners is acting as the company’s investment banker.

New York-based Lord & Taylor operates fashion stores in the United States. The company filed bankruptcy on Aug. 2 in the U.S. Bankruptcy Court for the Eastern District of Virginia under Chapter 11 case number 20-33332.

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