Lord & Taylor Files For Bankruptcy
Lord & Taylor, the oldest department store in the US, now joins the long list retailers to file for bankruptcy protection.
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The store which is known for its upscale fashions and extravagant holiday window displays sought bankruptcy protection due to “unprecedented strain” caused by the coronavirus pandemic. According to the New York Post, Lord & Taylor, which was sold to the French rental clothing company Le Tote Inc. last year, officially filed for Chapter 11 bankruptcy protection Sunday in the Eastern Court of Virginia, court documents states.
In an announcement on its website, the company, the nearly 200-year-old chain, which got its start in 1826 as a dry-goods store in Manhattan, said it hopes to find a buyer for its 38 stores.
Since the beginning of May, a number of major retailers have filed for Chapter 11 bankruptcy. Some of those retailers include Neiman Marcus, J. Crew, J.C. Penney, Brooks Brothers and the owner of Ann Taylor and Loft. According got the latest update, Tailored Brands, the parent company of Men’s Wearhouse and Jos. A. Banks, also filed for bankruptcy.
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