Lord And Taylor Update: Fifth Avenue Location Shuts Doors For Good

Lord and Taylor’s iconic Fifth Avenue store in Manhattan closed its doors for good on Wednesday. The 104-year-old-store held a massive blowout sale for the holidays, rendering its floors empty of merchandise on its last day.

The store was offering deeply discounted clothes that normally sold for $100, now going for as low as $5.99 over the holiday season, WABC reported. The going out of business sale started in the fall.

The store that was well-known for its window displays, especially during the holidays, took the time to thank its customers for years of loyal business. The window décor was dedicated to New York shoppers during the holidays before it went dark.

The 11-story building that Lord and Taylor occupied was sold to We Work in 2017 for more than $850 million. We Work said it will use the space for its headquarters as well as have retail space on the lower level.

Despite the Fifth Avenue closure, Lord and Taylor will keep its 45 other locations open, most of which are located on the East Coast. Lord and Taylor-branded merchandise, owned by Hudson’s Bay Co. (HBC.TO), will be sold through Walmart’s website.

The closure marks a transition to online sales for the company as it said it will shift its focus to the internet. Hudson Bay Co., which has owned the Lord and Taylor brand since 2012, said that this closure and the closure of other store locations is part of an effort to increase “focus on its digital opportunity and commitment to improving profitability.”

Lord and Taylor was one of the first large department stores in the U.S., founded in 1826. It was operated by two cousins, Samuel Lord and George Washington Taylor. Lord and Taylor did not move to its Fifth Avenue location until 1914, occupying several other locations during its growth.

On Wednesday, the store was scheduled to close at 3 p.m., but customers were given the extra time they needed inside, WABC reported.

As of this morning, Hudson Bay Co. stock was down 2 percent.