NEW YORK, Aug. 27, 2020 /PRNewswire/ -- Le Tote, Inc. and Lord & Taylor LLC (together with their respective subsidiaries, the "Company"), will commence Going Out of Business Sales shortly at the historic brands' 38 iconic stores and on www.lordandtaylor.com.
On Aug 2, 2020, the Company filed for Chapter 11 reorganization and announced its pursuit of 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," Ed Kremer, the Company's chief restructuring officer stated. He continued: "I am extraordinarily proud of the continued efforts of our store and corporate team members as they have worked tirelessly over the past several months, under unprecedented conditions, to preserve this historic brand. We have a long road ahead of us and I am grateful and humbled by the dedication and resiliency of our team."
The going out of business sale, expected to begin in the balance of stores on Thursday August 27th, will continue to be led by the joint venture of Hilco Merchant Resources and Gordon Brothers. "This Going Out of Business event gives shoppers the opportunity to take advantage of exceptional savings on notable brands at rarely seen discounts," a spokesperson for the joint venture stated. "Customers will continue to experience the superior service and value they've come to expect from this iconic retailer."
Deep discounts plus departmental promotions will be effective throughout the sale process in store and online. Discounts apply to existing inventory, new store arrivals and on new categories not previously sold at these stores. The historic event will also feature the sale of in store fixtures, furniture, and equipment.
Court documents and other information about the chapter 11 process are available at https://cases.stretto.com/letote or calling the Company's restructuring hotline at 1-855-217-8030.
Kirkland & Ellis LLP is acting as legal advisor to the Company and Berkeley Research Group, LLC is acting as restructuring advisor. Nfluence Partners is acting as the Company's investment banker and a joint venture of Hilco Merchant Resources and Gordon Brothers are managing the Company's store closing sales.
About Le Tote Inc. Le Tote, Inc. is the combination of Le Tote—a venture-backed fashion rental subscription service founded in 2012 in San Francisco—and Lord + Taylor—the iconic luxury retailer which traces its origins to 1826 in New York. Le Tote, which began as a small San Francisco-based startup and has grown into a market-leading fashion rental subscription service offers "totes" of fashion-forward garments and accessories for a low market price. Lord + Taylor has long been a trailblazing brand. It is America's oldest department store, the first to offer personal shopping, the first to open a branch store -- and the first to have a female president.
About Hilco Merchant Resources, LLC: Hilco Merchant Resources (www.hilcomerchantresources.com) provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer's strategic initiatives. Hilco Merchant Resources' activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment. Additionally, HMR now includes among its subsidiaries the nation's premier fixture and equipment liquidation firm, Hilco Fixed Asset Recovery (www.hilcoffe.com), and an innovative sale locater website called Shop Genius (www.shopgenius.com). Hilco Merchant Resources is part of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com), one of the world's leading authorities on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace.
About Gordon Brothers: Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.