Lord & Taylor, Oldest U.S. Department Store, Files Bankruptcy

[left-of-center2012]

Lord & Taylor sought bankruptcy protection from creditors after a turnaround effort faltered amid the coronavirus pandemic.The oldest U.S. department store filed for Chapter 11 protection in Richmond, Virginia, on Sunday. The company, founded in Manhattan by two English immigrants in 1826, listed assets and liabilities of up to $500 million each in its petition.

The chain joins a burgeoning list of department-store casualties tied to the virus, which turned malls into ghost towns. Former fashion stalwarts like J. Crew Group Inc. and Neiman Marcus Inc. already filed for bankruptcy protection this year.San Francisco-based Le Tote – which offers fashion-apparel rentals – also filed for Chapter 11.

Executives at the company had planned to cut the number of Lord & Taylor stores and target younger women with luxury try-on studios, beauty subscriptions and rental drop-off points.

https://finance.yahoo.com/news/lord-taylor-oldest-u-department-223647633.html

[Sherman A1]

1. Another statistic

in what has been and will be a long line of business failures.