 "Lord & Taylor, oldest department store in US, files for bankruptcy")
Lord & Taylor, known for its upscale fashions and extravagant holiday window displays, sought bankruptcy protection from creditors after a turnaround effort faltered amid the coronavirus pandemic.
The oldest US department store filed for Chapter 11 protection in Richmond, Virginia, on Sunday and will submit a reorganisation plan with the court. The company, founded in Manhattan by two English immigrants in 1826, said it had about $137.9 million of debt obligations.
Lord & Taylor’s owner, fashion start-up Le Tote Inc., filed for Chapter 11 along with the retail chain. Le Tote bought the rights to the company’s stores, brand and e-commerce site from Saks Fifth Avenue owner Hudson’s Bay Co. for $71 million last year.
The company, with 38 stores and 651 employees as of the filing, joins a burgeoning list of department-store casualties tied to the virus, which turned malls into ghost towns. Former fashion stalwarts like J Crew Group and Neiman Marcus Inc already filed for bankruptcy protection this year.
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