Lord & Taylor To Close Rockaway Mall Location, Sell Assets

ROCKAWAY, NJ — Lord & Taylor is closing all of its locations, including its Rockaway Mall site, with liquidation sales beginning Thursday.

The Rockaway location has served as an anchor property at the Townsquare Mall, and is the only Lord & Taylor location in Morris, Warren and Sussex County.

The apparel company and its parent Le Tote Inc. filed for bankruptcy on Aug. 2 and later announced Thursday it will be closing its remaining 38 stores.

"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," Ed Kremer, Lord & Taylor's chief restructuring officer said in a statement.

A "Going Out Of Business Sale" begins Thursday with 20 to 40 percent off store wide items including clearance. All purchases are final.

Deep discounts plus departmental promotions will be effective throughout the sale process in store and online. Discounts apply to existing inventory, new store arrivals and on new categories not previously sold at these stores. The event will also feature the sale of in store fixtures, furniture, and equipment.

Lord & Taylor was the first department store established in the United States when it opened in 1826, according to CNN.

Lord & Taylor was one of the major retailers at the mall at Rockaway Townsquare Mall.

This post contains reporting by Alexis Tarazzi.

Thanks for reading! Learn more about posting announcements or events to your local Patch site. Have a news tip you'd like to share? Or maybe you have a press release you would like to submit or a correction you'd like to request? Send an email to russ.crespolini@patch.com

Subscribe to your local Patch newsletter. You can also have them delivered to your phone screen by downloading, or by visiting the Google Play store.