Lord & Taylor Becomes Latest Major Retailer To File For Bankruptcy Protection
Lord & Taylor, billed as the country’s oldest department store, filed for Chapter 11 bankruptcy on Sunday, the latest major retailer to succumb to the ongoing coronavirus pandemic and a shift in shopping habits as millions of Americans were urged to stay home.
The chain and its owner, Le Tote Inc., filed for protection in bankruptcy court in Virginia, noting Lord & Taylor’s 38 stores had been closed since March due to ongoing concerns about the virus. The iconic department store was sold to the online clothing rental company last year in a $100 million deal from Canada’s Hudson’s Bay Co.
[Source: Huffington Post]