Lord & Taylor, the first department store established in the United States, is officially going out of business, ending a nearly 200-year run, CNN.com reported. The bankrupt company announced yesterday that all of its 38 remaining stores and website have begun liquidation sales — a reversal from last week's decision to keep 14 locations open. "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. Lord & Taylor filed for bankruptcy on August 2, joining a string of upscale retailers filing for chapter 11 in recent months. It initially announced 19 stores were closing, then increased that number to 24 a few weeks later. Now every store will close for good.
