Le Tote And Lord + Taylor To Continue Sale Process And Commence Store Closings At Certain Stores Through Voluntary Chapter 11 Filing

NEW YORK, Aug. 3, 2020 /PRNewswire/ -- On August 2, 2020, Le Tote, Inc. and certain of its subsidiaries including Lord & Taylor LLC (together, the "Company") filed for Chapter 11 reorganization in the United States Bankruptcy Court for the Eastern District of Virginia. The Company will simultaneously solicit bids for a going concern sale of both its Le Tote and Lord + Taylor businesses, and conduct targeted store closing sales to maximize the value of its business.

The Company filed to facilitate and continue a marketing process for both of its business units that began this summer and to efficiently monetize any assets not sold as part of the marketing process. Both Le Tote and Lord + Taylor will continue to operate during the chapter 11 process and offer the same superior service and value.

To help fund and protect its operations during the chapter 11 process, the Company has obtained consent to use cash collateral from its prepetition secured lenders. The Company has also filed a number of customary motions seeking court authorization to support its operations during chapter 11, including the continued payment of employee wages and benefits and the authority to conduct store closing sales led by a joint venture of Hilco Merchant Resources and Gordon Brothers. The store closing process has begun at 19 locations, which are shown below. The 19 closing stores feature an abundant assortment of merchandise at significant price reductions. Celebrated brands like DKNY™, Nike™, Ralph Lauren™, Tommy Bahama™ and more are part of the sale.

A full list of closing locations is below. The Lord + Taylor Store Directory is continually updated with store status and current hours of operation.

Court documents and other information about the chapter 11 process are available at https://cases.stretto.com/letote or calling the Company's restructuring hotline at 1-855-217-8030.

Kirkland & Ellis LLP is acting as legal advisor to the Company and Berkeley Research Group, LLC is acting as restructuring advisor. Nfluence Partners is acting as the Company's investment banker and a joint venture of Hilco Merchant Resources and Gordon Brothers are managing the Company's store closing sales.

About Le Tote Inc.

Le Tote, Inc. is the combination of Le Tote—a venture-backed fashion rental subscription service founded in 2012 in San Francisco—and Lord + Taylor—the iconic luxury retailer which traces its origins to 1826 in New York. Le Tote, which began as a small San Francisco-based startup and has grown into a market-leading fashion rental subscription service offers "totes" of fashion-forward garments and accessories for a low market price. Lord + Taylor has long been a trailblazing brand. It is America's oldest department store, the first to offer personal shopping, the first to open a branch store -- and the first to have a female president.

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SOURCE Hilco Global