Lord & Taylor is holding going-out-of-business sales at all locations and its online store as the company joins a list of retailers that have collapsed during the coronavirus pandemic.

The sale, led by the joint venture of Hilco Merchant Resources and Gordon Brothers, will take place at the 194-year-old brand's 38 brick-and-mortar stores and online marketplace. The discounts will apply to any existing inventory, new store arrivals and on new categories not previously sold at these stores.

"This Going Out of Business event gives shoppers the opportunity to take advantage of exceptional savings on notable brands at rarely seen discounts," a spokesperson for the joint venture stated.

Earlier this month, Le Tote -- which acquired Lord & Taylor for $75 million in 2019 -- filed for Chapter 11 bankruptcy and said that it was looking for a buyer that won't liquidate. Read more at FOX Business