Lord & Taylor is latest retailer to file for bankruptcy
Posted Aug 3, 2020 04:47:31 AM.
Last Updated Aug 3, 2020 04:54:06 AM.
New York landmark retailer Lord & Taylor has filed for bankruptcy, joining a growing list of retailers flummoxed by the pandemic.
The company, which was sold to the French rental clothing company Le Tote Inc. last year, filed Sunday for bankruptcy protection in the Eastern Court of Virginia.
In an announcement on its website the company, one of the oldest American department stores, said it was looking for a new owner.
Like many retailers, Lord & Taylor was already struggling with the shift to online shopping even before the pandemic struck this spring. Last year, it sold its flagship building on New York’s Fifth Avenue after more than a century in the 11-story building.
The company was founded as a dry goods store in 1826. There are several dozen Lord & Taylor stores across the country.
The Associated Press
