Le Tote and Lord + Taylor Provides Update on Restructuring Process

NEW YORK, Aug. 20, 2020 /PRNewswire/ -- Le Tote, Inc. and Lord & Taylor LLC (together with their other subsidiaries, the "Company"), continue to review offers for a sale of the Company and its historic and trailblazing brands.

As this pursuit for a buyer of the historic brand continues, the Company today announced that five (5) Lord + Taylor stores are now also participating in the store closing sale process led by a joint venture of Hilco Merchant Resources and Gordon Brothers.

These additional stores in Schaumburg, IL, Salem, NH, Rockaway, NJ, Livingston, NJ and Huntington Station, NY, along with the 19 previously announced stores already conducting store closing sales, feature an abundant assortment of merchandise at significant price reductions.  Celebrated brands like Vince Camuto™, Michael Kors™, Calvin Klein™, Adidas™ and more are part of the sale, along with a variety of new categories and brands.

"Lord + Taylor customers will now save 20-40% off the lowest ticketed prices on all merchandise, with limited exceptions", a spokesperson for the joint venture stated. "We encourage shoppers to visit their nearby location now and take advantage of these significant savings before it's too late." Store fixtures are also being sold at compelling prices as part of these closing sales.

A full list of closing locations is below. The Lord + Taylor Store Directory is continually updated with store status and current hours of operation.  

Court documents and other information about the chapter 11 process are available at https://cases.stretto.com/letote or calling the Company's restructuring hotline at 1-855-217-8030.

Kirkland & Ellis LLP is acting as legal advisor to the Company and Berkeley Research Group, LLC is acting as restructuring advisor.  Nfluence Partners is acting as the Company's investment banker and a joint venture of Hilco Merchant Resources and Gordon Brothers are managing the Company's store closing sales.

About Le Tote Inc.
Le Tote, Inc. is the combination of Le Tote—a venture-backed fashion rental subscription service founded in 2012 in San Francisco—and Lord + Taylor—the iconic luxury retailer which traces its origins to 1826 in New York.  Le Tote, which began as a small San Francisco-based startup and has grown into a market-leading fashion rental subscription service offers "totes" of fashion-forward garments and accessories for a low market price.  Lord + Taylor has long been a trailblazing brand.  It is America's oldest department store, the first to offer personal shopping, the first to open a branch store -- and the first to have a female president. 

About Hilco Merchant Resources, LLC: 
Hilco Merchant Resources (www.hilcomerchantresources.com) provides a wide range of analytical, advisory, asset monetization, and capital investment services to help define and execute a retailer's strategic initiatives.  Hilco Merchant Resources' activities fall into several principal categories including acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment.  Additionally, HMR now includes among its subsidiaries the nation's premier fixture and equipment liquidation firm, Hilco Fixed Asset Recovery (www.hilcoffe.com), and an innovative sale locater website called Shop Genius (www.shopgenius.com). Hilco Merchant Resources is part of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com), one of the world's leading authorities on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace.

About Gordon Brothers: 
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.

SOURCE Hilco Merchant Resources, LLC