As part of Chapter 11 bankruptcy proceedings, Lord & Taylor is closing 19 stores, including its Bala Cynwyd Shopping Center location, writes Natalie Kostelni for the Philadelphia Business Journal.
The store has been an anchor at the shopping center which is owned by the Federal Realty Trust for decades. It occupies 120,000 square feet of the retail property’s 294,000 square feet.
Lord & Taylor also has a store in King of Prussia Mall that will remain open.
However, the space the store occupies is not owned by Simon Property Group, which owns the majority of the mall. Instead, it is owned separately by Hudson Bay Company, which used to own Lord & Taylor.
When Hudson Bay decided to sell Lord & Taylor to Le Tote last year, it discarded the brand and intellectual property but retained the real estate the retailer occupied.
Le Tote and Lord & Taylor filed for Chapter 11 in U.S. Bankruptcy Court for the Eastern District of Virginia on August 2. The retailer currently has 38 locations.
Read more about the closing at the Philadelphia Business Journal by clicking here.
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