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Lord & Taylor Resurrect With Website Relaunch – WWD

 


Lord & Taylor will reappear in April as a website-only under its new ownership, in yet another revival of a liquidation retailer.

In October, Saadia Group LLC bought Lord & Taylor and its parent company Le Tote for $ 12 million, in a bankruptcy auction. The pandemic-affected Tote and Lord & Taylor went bankrupt in August 2020 and all Lord & Taylor stores were liquidated at the end of February 2021.

“Lord & Taylor has a deep retail history spanning 195 years, and a tradition of innovation and countless fashion firsts,” said Jack Saadia, director and co-founder of Saadia Group. “We are excited to build the future of the brand, expand the loyal community and show the world the next step.”

Saadia said he has assembled a “full team” of 40 people including traders, IT people, operations and finance managers for Lord & Taylor. “We took people from the old company and Bloomingdale’s, Century 21 and Saks Fifth Avenue,” Saadia said. “We are interviewing a president.”

He said the Lord & Taylor e-commerce website will launch in mid-April, initially selling men’s and women’s fashion, beauty, skin care, fragrances and home. He refused to specify any marks. In the second quarter of 2021, children’s clothing, fashion accessories and footwear will be added to the offer.

Lord & Taylor was a struggling company in its later years, bogged down by changes in ownership and management, insufficient investment to modernize the business and a reputation for being ‘your grandmother’s store’.

But Saadia said, “E-commerce was not losing money. It was a great company, with a few hundred million dollars in sales. The stores component exhausted activity. “

He said he was not opposed to the reopening of Lord & Taylor stores. “We looked at how to recreate a new physical store, with a smaller square footage, not 100,000 or 200,000 square feet.” It wasn’t until a year or two from now that a Lord & Taylor store could open, he said, most likely in a large urban area on the East Coast where the store was performing best, like in New York or on Long Island. Some of the top performing L&T stores were located in Manhasset, Garden City and Eastchester, New York.

A month before the LeTote / Lord & Taylor deal, the Saadia Group acquired the e-commerce business of RTW Retailwinds Inc., which includes New York & Co. and Fashion to Figure, which specializes in plus sizes. RTW Retailwinds also filed for bankruptcy and liquidated its New York & Co. and Fashion to Figure stores, although the Saadia Group kept the New York & Co. and Fashion to Figure e-commerce in operation.

“These are businesses that have been weighed down by old leases and underperforming stores,” he said.

The Saadia Group invests in fashion brands and is involved in the sourcing, manufacturing and wholesale of various categories of goods, mainly clothing, accessories, footwear, home textiles and interior decoration.

In addition, through its Saadia Direct division, the company operates nyandcompany.com; fashiontofigure.com; letote.com; nyandcompanycloset.com; fashiontofigurecloset.com; vintagefoundryco.com; thechichomestore.com; xrayjeans.com and hybridgegreenlabel.com.

The company has maintained a low profile, although this is changing with its recent acquisitions and plans.

Saadia’s vision is to create what he calls the Collective Store, essentially a portfolio of retailers who could collaborate in many ways and create synergies.

“Our goal today is to lay and rebuild the foundations and restore these iconic brands to their glory,” said Nick Kaplan, President of Fashion to Figure and Advisor to Saadia.

Lord & Taylor, founded in 1826 as America’s first department store, is the latest in what has recently been a series of retail takeovers. Retail brands that are shutting down due to bankruptcies or the pandemic are being consolidated and resurrected as direct-to-consumer websites due to the seismic shift in consumers to online shopping more often, and less often in malls and physical stores. It is also faster and cheaper to start a website than to open a store, but not necessarily as profitable. Generally, the best formula for success in retail is to become multi-channel.

Dressbarn, which was liquidated in 2019 and was purchased by Retail E-commerce Ventures (REV), now operates as a website. REV quickly compiled a portfolio of retail nameplates that went bankrupt due to the pandemic or for other reasons. The portfolio includes Modell’s, Linens n Things, Stein Mart, Pier 1, and Radio Shack, all of which have been relaunched as web-only operations.

Century 21 department stores are coming back after going bankrupt last year and liquidating all of their stores. During the bankruptcy process, the Gindi family, who owned, operated and founded the famous low-cost chain, bought out the intellectual property in November for $ 9 million, with a silent partner. Its first step will be to open a 100,000 square foot store in Busan, South Korea, at the end of summer 2021. After Korea, the next step could be to restart e-commerce, with a strategy of social media implemented in the meantime.

Barneys New York completed its liquidation last year and its intellectual property was purchased by Authentic Brands Group who licensed the Barneys name to Saks Fifth Avenue. The Saks flagship in Manhattan operates a Barneys at Saks department, and an independent Barneys at Saks store operates in Greenwich, Conn.



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