Lord & Taylor's flagship store begins closing sales

The 104-year-old flagship location of upscale department store Lord & Taylor is closing its doors for good after the upcoming holiday season.

Signs up on the giant windows at 424 Fifth Avenue store are promoting major 'final' sales. On Thursday, a 'store closing' sale will include everything from clothing to accessories.

Canada-based owner Hudson's Bay Co. sold the store to workspace giant WeWork but is keeping up to 45 other locations open across the country.

Hudson's Bay Company is trying to turn the retailer around and make it profitable. The company will also sell e-commerce site Gilt to Rue La La as part of the restructuring. Hudson's Bay also owns Saks Fifth Avenue.

In a statement to Fox 5 News, Hudson's Bay said:  "Our focus on driving Lord & Taylor’s digital business, combined with new leadership and a rightsized store footprint, will evolve the customer experience and is expected to reduce costs and improve the overall performance of this business."

Lord & Taylor is believed to be the oldest department store in the country. The original store opened in Manhattan in 1826. The Fifth Avenue store and headquarters opened in 1914. It was the first store to put elaborate holiday displays in its windows. The displays were actually constructed in the basement of the store and then raised into the windows as they were revealed.  This year the store will only decorate two of its windows.