Lord & Taylor: latest retail casualty of pandemic

The oldest U.S department store chain, Lord & Taylor is the latest fashion retailer to file for bankruptcy.

It's on the chopping block as the global health crisis continues to cripple the retail sector.

On Sunday (August 3), the company tumbled into bankruptcy despite changing hands only a year ago acquired by fashion retail start-up Le Tote for over $74 million dollars.

Lord and Taylor opened its flagship store on Manhattan's fifth Avenue in 1914 and is known for their high fashion and holiday window displays.

Back in May, Reuters reported that the company planned to liquidate their inventory in its 38 department stores - once restrictions were lifted.

But as clothing sales collapse and people stay inside during lockdown restrictions, Lord & Taylor joins the other retailer casualties including J. Crew, JC Penny and Neiman Marcus.