Lord & Taylor is closing all of its stores after 194 years in business

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(Source: CNN Newsource)

(CNN Newsource) — The first department store ever established in the U.S. is permanently closing its doors.

Lord & Taylor, which has been in business for 194 years, announced Thursday it will shut down all 38 of its remaining stores.

The high-end retailer filed for bankruptcy on Aug. 2. The plan originally called for the company to leave some locations open, but the retailer said it was a better financial decision to close all of them.

“I am extraordinarily proud of the continued efforts of our store and corporate team members as they have worked tirelessly over the past several months, under unprecedented conditions, to preserve this historic brand,” Ed Kremer, the company’s chief restructuring officer, previously said in a statement.

The liquidator for the company said customers can expect deep discounts on merchandise both in stores and online.

“Customers will continue to experience the superior service and value they’ve come to expect from this iconic retailer,” a spokesperson said in a statement.

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