Lord & Taylor Files for Bankruptcy as Retail Collapses Pile Up
Lord & Taylor, the floundering department store company that traces its roots to 1826, on Sunday became the latest retailer to file for bankruptcy protection as the coronavirus outbreak accelerates the demise of chains that were already teetering.
The chain was acquired last year from Hudson’s Bay by the clothing rental start-up Le Tote in an unusual $100 million deal. Now Le Tote and Lord & Taylor are both seeking Chapter 11 protection from their creditors in the U.S. Bankruptcy Court for the Eastern District of Virginia.
The companies said in a filing on Sunday that they operated 38 locations, which had been temporarily closed since March 2020, and that they had about 651 employees. A representative for Le Tote and Lord & Taylor did not immediately respond to a request for comment.
This is a developing story. Check back for updates.