August 2020

Lord & Taylor to File for Bankruptcy

Lord & Taylor, which started in 1826, adds that it is looking for new ownership. According to 'USA Today,' rental clothing company Le Tote Inc. acquired the chain last year. Before COVID-19, Lord & Taylor was already struggling due to the rise of online shopping. After over 100 years, its most famous location on N.Y.C.'s Fifth Avenue sold off in 2019. With the pandemic forcing the closure of non-essential stores, Lord & Taylor's path to bankruptcy accelerated. Currently, the chain has several dozen locations nationwide. Lord & Taylor is one of 40 retailers who have filed for Chapter 11 in 2020.