Update 8/5/20: At its bankruptcy hearing, Lord & Taylor was granted permission to close all of its stores. Although its management claims to still be seeking someone to buy the company so that they don’t have to do that, half of its 38 stores have already started liquidating their stock.
As mentioned in the original post, it’s therefore worth redeeming or reselling any Lord & Taylor gift cards you’re holding in case there’s not the opportunity to do that soon.
Back in early May we shared that there were rumors that Lord & Taylor was going to file for bankruptcy. It’s taken longer than expected, but they announced tonight (August 2, 2020) that they have indeed filed for Chapter 11 bankruptcy.
When we wrote about this back in May, we mentioned that there were rumors that they weren’t planning on reopening their stores, instead choosing to liquidate. There’s no news yet on the liquidation front, but if you have any Lord & Taylor gift cards on hand then it would be a good idea to redeem or resell them ASAP just in case liquidation proceedings are announced soon.