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It's been a rough year for many retailers, with dozens closing locations and a handful declaring bankruptcy and fully going out of business. Usually, when that happens, it is the end of the company, but on occasion, some chains can come back from closing down. That's just what is going to happen next year for a beloved, nearly 200-year-old department store chain.
In 2020, Lord & Taylor filed for bankruptcy and the following year, they closed all of their stores. Now though, there are big plans for the brand. According to Retail Dive, the company was recently purchased by Regal Brands Global, and they intend to bring it back first as a luxury e-tailer and later, as brick-and-mortar locations, potentially in the form of shop-in-shops and pop-ups.
Regal's Chief Strategy Officer, Sina Yenel, explained that along with Lord & Taylor-branded products, they will offer dresses, footwear, home goods, designer merchandise and more. With preparation for a soft launch underway, Yenel noted that Lord & Taylor is now both the oldest department store in America and the newest, adding, "Lord & Taylor should be about fashion that is going to last."
The chain began as a small New York City dry goods store. They went on to become the first department store with an elevator and also innovated the concept of personal shopping.
Their website now says, "We are thrilled to announce that Lord & Taylor has a new owner, Regal Brands Global! This marks the beginning of an exciting new chapter in our storied history. As we embark on this journey, we want to assure you that we are committed to revitalizing the brand you know and love." There is also an option to submit your email to receive a newsletter featuring updates on the re-launch and upcoming collections. Learn more at LordAndTaylor.com.