Markets

Lord & Taylor shuts flagship store on Fifth Avenue

/ AP

The fall of Sears

New York - After 104 years, Lord & Taylor's flagship store on Manhattan's Fifth Avenue locked its doors forever.

The venerable department store famed for its animated holiday windows closed down Wednesday afternoon, ending a blowout sale that left whole floors empty. By the end, clothes that once sold for as much as $100 were going for $5.99.

The 11-story building has been sold to the WeWork space-leasing company for more than $850 million.

Forty-five other, smaller Lord & Taylor stores remain open, mostly on the East Coast. In addition, Lord & Taylor-branded merchandise is being sold online through the Walmart website.

The brand is owned by Canadian corporate giant Hudson's Bay Co.

First published on January 2, 2019 / 5:58 PM EST

© 2019 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

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