L&L announced today that it has been ordered into a receivership at the request of its financial institution, Citizens Bank.
Martha Levandowski, the chain's brand manger, says L&L has "struggled to compete in the current market conditions."
She also says the abrupt closing of two stores recently was at the orders of the receiver. A third store was closed earlier this year.
Currently, the 79-old-L&L chain operates five stores in Holt, Lansing, Okemos, Haslett and East Lansing. However, Ms. Levandowski says there will probably be "more store closures in the future."
The company employees approximately 300 full and part time workers.