Oldest Department Store Closing Capital Region Location
This pandemic has taken its toll on retailers across the country and now the oldest department store chain will be closing its doors in many locations. On the list is one in the Capital Region. We have seen our fair share of stores going bankrupt and closing many of their locations. Now Lord & Taylor has filed Chapter 11 and will be shuttering many of their anchor stores. The Crossgates Mall location is listed as one of the stores that will be closing according to Forbes.com.
Even though it appears that big department stores are closing across the country, it still was a surprise to shoppers when Lord & Taylor put up store closing signs in some of their stores over the weekend. Lord & Taylor is not immune to having heavy debt and already having to close some locations. With the coronavirus pandemic, the department store just can't stay afloat without the closing of more stores. It seems that all of the Upstate Lord & Taylors will close.
There shouldn't be a mass closing of these stores, employees say it will be more of a liquidation sale that could last through the holiday season. The Upstate New York Lord & Taylor department stores on the list to close are the Crossgates Mall location in Albany, Buffalo, Rochester, and Syracuse.
There are thirty-eight Lord & Taylor stores in the Northeast and some locations in Florida and the Midwest. As of today, a company spokesperson stated that about twenty stores are now having a liquidation sale.
Lord & Taylor is the oldest department store in the United States. It was first opened in 1826.