The Palisades Center did not make April or May mortgage payments and an insider familiar with The Pyramid Group says a June payment is “not likely,” because stores are not on track to open until mid-month.
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The Palisades Center, already without J.C. Penney, will see Lord & Taylor darken its lights in January, and Bed, Bath & Beyond is slated to shutter in June, and Macy’s fate is unknown.
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Party City is closing 10 more stores, the company announced in a recent financial statement. The company has already shuttered half of the 55 stores it plans to close.
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The post-Christmas season will be rough for 91 Lord & Taylor employees who will be laid off on January 31, 2020.
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Hudson’s Bay Company is selling Lord & Taylor to clothing rental subscription service Le Tote for $100 million but the deal still has hurdles to jump.
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Department stores had a weak first quarter due to a slowdown during the all-important holiday season, according to a Moody’s report.
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The fate of Lord &Taylor, which closed its flagship store earlier this year, is up in the air. Hudson’s Bay, which owns Lord & Taylor and Saks Fifth Avenue, has hired a financial adviser to review Lord & Taylor’s business, and that review could lead to a sale or a merger.
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The children’s clothing retailer Gymboree is filing for bankruptcy for a second time in two years and will close its remaining 900 stores, according to media reports. That includes stores in New York.
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