Department store Lord & Taylor files for bankruptcy
Lord & Taylor, the luxury department store chain with 38 locations in the United States, filed for bankruptcy on Sunday.
The store's owner, Le Tote Inc., also filed for Chapter 11. Le Tote, a subscription service that rents out women's clothing and accessories, bought Lord & Taylor from Hudson's Bay Co., the parent of Saks Fifth Avenue, in 2019.
Lord & Taylor, founded in 1826 by two immigrants from England, is the oldest department store in the United States. The company temporarily closed its stores in March due to the coronavirus pandemic, and is the latest retailer to file for bankruptcy protection this year, joining Neiman Marcus Group Ltd., J.C. Penney Co., and J.Crew Group Inc.
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