Lord & Taylor, who is has been known for years for their designer clothing, shoes, handbags, and accessories for men, women, and kids, has filed for bankruptcy.
Lord & Taylor has become the latest retailer to declare bankruptcy amid the coronavirus pandemic, filing for Chapter 11 bankruptcy protection on Sunday (August 2nd). The luxury department store founded in 1826 said it will continue to safely reopen its existing locations but has begun the process of closing 19 stores, according to FoxBusiness.com. The closing stores are located in Farmington, Conn.; Bala Cynwyd, Penn.; Boston, Mass.; Bay Shore, NY; Northbrook, Ill.; Kensington, Md.; Novi, Mich.; Wayne, NJ; Boca Raton, Fla.; Fairfax, Va.; Danbury, Conn.; Buffalo, NY; Trumbull, Conn.; Natick, Mass.; Albany, NY; Syracuse, NY; Rochester, NY; Yonkers, NY and Columbia, Md.
The department store’s filing comes nearly a year after fashion rental subscription service Le Tote bought it for $75 million from Hudson’s Bay Company, which had in turn bought it in 2012. Lord & Taylor was the country’s first department store, opening its first store in New York City in 1826.
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