July 28, 2014 12:26 PM ET

Specialty Retail

Company Overview of Lord & Taylor, L.L.C.

Company Overview

Lord & Taylor, L.L.C. owns and operates a chain of retail stores in the United States. The company offers men and women apparel, shoes, handbags, jewelry and accessories, beauty and fragrance products, kids wear, and gifts. It also markets and sells products online. The company was founded in 1826 and is headquartered in New York, New York with locations in Stamford, Connecticut; Chevy Chase, Maryland; Burlington and Boston, Massachusetts; Ridgewood, New Jersey; Eastchester and Garden City, New York; and King of Prussia, Pennsylvania. Lord & Taylor, L.L.C. operates as a subsidiary of Lord & Taylor Holdings LLC.

424 Fifth Avenue

New York, NY 10018

United States

Founded in 1826

Phone:

212-391-3344

Fax:

212-391-3162

Key Executives for Lord & Taylor, L.L.C.

Chief Marketing Officer and Executive Vice President
Chief Creative Officer and Senior Vice President
Compensation as of Fiscal Year 2014.

Lord & Taylor, L.L.C. Key Developments

White Flint Mall Owners Sues Lord & Taylor

The owners of the White Flint Mall counter-sued Lord & Taylor in federal court for more than $1 billion in damages, alleging its anchor retailer sued to block the planned 5.2 million-square-foot redevelopment in order to extract a settlement fee from its landlord after work had already started. White Flint filed its countersuit with U.S. District Court in Greenbelt claiming Lord & Taylor has known about the proposed project since 2009 and had more than enough opportunity to object while the plan worked its way through Montgomery County's approval process. Lord & Tayor sued White Flint July 1, 2013 alleging that the mall's owners violated the terms of a 1975 agreement that required them to maintain the mall as a 'first class high fashion regional shopping center.' The retailer argued that the mall owner has already let several tenants go, including co-anchor Bloomingdale's, which has reduced foot traffic and, in turn, hurt its own business. In its response, White Flint claims it has already spent more than $7 million in pre-development work, has signed or is close to signing contracts for more than $24 million, and is in active negotiations with several key anchor tenants to lease space in the redevelopment. White Flint alleged that Lord &Taylor sued to block the project now, when the mall's owners are most vulnerable. Lord & Taylor argued the mall needs to be maintained in its current form. White Flint, in its counter suit, says the days of large, enclosed shopping malls have come and gone since White Flint opened in 1977 and are being replaced by open-air town center concepts. White Flint claims its redevelopment is the only way the shopping destination can survive. The redevelopment is expected to cost about $4 billion over the next two decades and generate about $1 billion in new county taxes. Lord & Taylor hasn't asked the court to derail the project, only to hold off until its lease rights expire in 2055. White Flint claims that much of a delay would be tantamount to killing the project. White Flint has filed two counts against Lord & Taylor, both seeking in excess of $1 billion. The first is for breach of contract, in which White Flint alleged that Lord & Taylor broke a covenant requiring it to deal in good faith by filing the lawsuit. The second is for tortious interference with prospective economic advantage, through which White Flint claims Lord & Taylor is trying to extract a large settlement fee in exchange for dropping the case.

Lord & Taylor to Open 50,000-Square-Foot Outlet Store at the Source Mall

Lord & Taylor will be opening a 50,000-square-foot outlet store at the Source Mall this summer, replacing Nordstrom Rack, which recently relocated to the nearby Gallery at Westbury. Lord & Taylor already has three full-line stores in Garden City, Bay Shore and Huntington Station, but the Westbury location will be its first outlet store on Long Island.

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