The sale, led by the joint venture of Hilco Merchant Resources and Gordon Brothers, will take place at the 194-year-old brand's 38 brick-and-mortar stores and online marketplace. The discounts will apply to any existing inventory, new store arrivals and on new categories not previously sold at these stores.
"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.
Earlier this month, Le Tote -- which acquired Lord & Taylor for $75 million in 2019 -- filed for Chapter 11 bankruptcy and said that it was looking for a buyer that won't liquidate.
"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," said Le Tote's chief restructuring officer, Ed Kremer, noting that they have a " long road ahead."
After filing, Lord & Taylor announced it was closing 19 of its store locations.
The luxury retailer was already forced to temporarily close its brick-and-mortar locations earlier this year as a result of the pandemic, but continued to operate through its online marketplace.