Lord & Taylor, Men’s Wearhouse to close 10 Chicago-area stores as pandemic drives more retailers into bankruptcy
Lord & Taylor and the owner of Men’s Wearhouse and Jos. A. Bank became the latest retailers to seek bankruptcy protection and announce plans to close stores during the pandemic, including 10 in the Chicago area.
Retailers were already struggling to keep up with changes in what consumers buy and how they shop. Then came the coronavirus pandemic, which hit bricks-and-mortar chains hard, especially in areas where stay-at-home orders forced stores to close and kept shoppers home.
Lord & Taylor’s bankruptcy comes less than a year after clothing-rental startup Le Tote bought it from Hudson’s Bay Company, which also owns Saks Fifth Avenue. Le Tote, which filed for Chapter 11 protection Sunday in the Eastern District of Virginia, said it is closing 19 of Lord & Taylor’s 38 stores, including one in Northbrook.
Both Le Tote and Lord & Taylor will continue to operate while trying to find a buyer for the businesses, Le Tote said Monday.
Tailored Brands, which owns Men’s Wearhouse and Jos. A. Bank, along with K&G Fashion Superstore and Moores Clothing for Men, is seeking the bankruptcy court’s permission to reject leases at 100 underperforming stores. The list includes Jos. A. Bank stores in Wilmette, Highland Park, Naperville, Algonquin, Lincolnshire and two Chicago locations, as well as Men’s Wearhouse stores in Wilmette and Oak Lawn, according to a Sunday court filing.
Tailored Brands’ businesses will continue to operate during restructuring, according to a statement announcing the company’s Chapter 11 filing Sunday in the Southern District of Texas. The company also said it is moving forward with previously announced plans to cut about 20% of its corporate employees and close up to 500 stores.
The company could not immediately be reached for comment on store closing plans.
Tailored Brands and Lord & Taylor join several household name retailers that have already sought bankruptcy protection during the pandemic, including Brooks Brothers, J. Crew, J.C. Penney, Neiman Marcus, and the owner of Ann Taylor and Lane Bryant.
———
©2020 the Chicago Tribune
Visit the Chicago Tribune at www.chicagotribune.com
Distributed by Tribune Content Agency, LLC.
