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COVID19 Driven Retail Apocalypse Coming to a Mall Near You

closing

the staff of the Ridgewood blog

Paramus NJ,  U.S. retailer Lord & Taylor plans to liquidate inventory in its 38 department stores once restrictions to curb the spread of coronavirus are lifted as it braces for a bankruptcy process from which it does not expect to emerge, people familiar with the matter said on Tuesday.

Lord & Taylor’s preparations to liquidate its inventory as soon as its stores reopen offer a window into the grim future of a high-profile retailer – a storied department store chain founded in 1826 and billed as the oldest in the United States – that does not expect to survive the pandemic’s economic fallout.

On Monday, retailer J.Crew Group Inc filed for bankruptcy protection with a plan to avoid liquidation and reorganize its debts thanks to an agreement with its creditors. Neiman Marcus filed for bankruptcy Thursday as the coronavirus pandemic continues to batter the retail industry. Neiman said in a statement that it entered into a restructuring agreement with creditors that will allow it to “substantially reduce debt and position the company for long-term growth.” Neiman did not announce any store closings Thursday.

After taking a look at the impact of the coronavirus pandemic, upscale department store retailer Nordstrom said it will permanently close its store at Freehold Raceway Mall.The store, an anchor at Freehold Raceway Mall, is one of 16 stores being closed nationwide. No other New Jersey stores are affected.

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