Huge Department Store Closing at Walden Galleria
A huge "anchor" store at the Walden Galleria is closing due to bankruptcy.
One of the biggest stores at the Walden Galleria, Lord & Taylor, will be closing its doors, according to WKBW. On Sunday, August 2, 2020, the retail chain filed for Chapter 11 bankruptcy protection, due to the COVID-19 shut down of retail for several months. Lord & Taylor is owned by Le Tote, Inc., which is also closing several Lord & Taylor stores in New York, including Yonkers, Syracuse, Bay Shore, Rochester and Albany, according to Cision PR Newswire.
In 2019, Lord & Taylor had $750 million in annual sales, according to Forbes. However, due to the coronavirus pandemic and the constant increase in online retail sales, it only had $100,000 in cash as of August 3, 2020.
"Even though closing sales have commenced at half of its locations, Lord & Taylor’s senior leadership says that they are focused on and committed to finding the right buyer for the legendary department store. They 'want to keep the heritage of the brand alive for years to come' and are indebted to their 'amazing employees who have done so much for so little' during the recent months." ~ Forbes