Le Tote and Lord & Taylor begin going-out-of-business sales

It is the end of an era for Lord & Taylor. The iconic luxury department store has commenced its going-out-of-business sales in its 38 brick-and-mortar stores as well as its e-commerce site.

The retailer and its parent company Le Tote filed for Chapter 11 reorganization early this month, and has since been in pursuit of a buyer.

"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," the company's chief restructuring officer, Ed Kremer, noted in a press release.

"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. We have a long road ahead of us and I am grateful and humbled by the dedication and resiliency of our team."