Le Tote granted interim court approval to conduct store-closing sales

By Caroline Salls

Pittsburgh, Aug. 6 – Lord & Taylor parent Le Tote, Inc. received interim court approval to hold store-closing sales, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The final hearing is scheduled for Aug. 27.

As previously reported, the Le Tote debtors entered into a store closing agreement with Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC to conduct sales at their stores.

Hilco and Gordon Brothers will receive a base fee of 1% of gross proceeds, as well as an incentive fee based on recovery percentage.

The store-closing sales began on July 2 and are expected to run through the end of the year.

New York-based Lord & Taylor operates fashion stores in the United States. The company filed bankruptcy on Aug. 2 under Chapter 11 case number 20-33332.

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