the staff of the Ridgewood blog
Paramus NJ, Department store chain Lord & Taylor is closing two dozen stores for good including 3 in New Jersey as it continues to search for a buyer to restructure under Chapter 11 bankruptcy protection and keep its business alive. Deals will be up to 40% off, the company said Thursday morning, as it released a complete list of those shops set to liquidate.
New Jersey stores in Livingston, 111 Eisenhower Pkwy.,Rockaway, 317 Mt. Hope Ave. and Wayne, Willowbrook Mall are set to close.
Considered the nation’s first department store chain when it opened its inaugural shop in New York in 1826, Lord & Taylor filed for Chapter 11 bankruptcy protection earlier this month. It joined a growing list of retailers that have been pushed to the brink during the coronavirus pandemic. The filing came roughly a year after Lord & Taylor was acquired from Canadian Hudson’s Bay Co. by fashion rental subscription service Le Tote.
In an odd twist of irony Amazon announced a $1.4 billion plan to hire 3,500 employees across six major U.S. cities, a 10-percent expansion of its current corporate workforce of 35,000, according to the New York Times. This includes 2,000 employees in New York City, who will work from the e-commerce behemoth’s newly acquired location at the historic Lord & Taylor building on Fifth Avenue. WeWork bought the landmarked building in 2017 for $850 million, but after a troubling few years, they sold it to Amazon in March for a reported $1.15 billion.