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Lord & Taylor joins list of retailers seeking bankruptcy protection

Lord & Taylor joins list of retailers seeking bankruptcy protection
Posted at 10:08 AM, Aug 03, 2020
and last updated 2020-08-03 12:37:45-04

NEW YORK (AP) — Lord & Taylor is seeking bankruptcy protection, as is the owner of Men’s Wearhouse and Jos. A. Bank, lengthening the list of major retail chains that have faltered in the COVID-19 pandemic.

Household retail names, many longtime anchors in malls nationwide, were already struggling to keep up with a radical reformation in what people buy, and where they buy it. Much of that activity has moved online.

Thousands of store closures forced by the arrival of COVID-19 has proved too much.

Lord & Taylor, which began as a Manhattan dry goods store in 1824, was sold to the French rental clothing company Le Tote Inc. last year. Both filed for bankruptcy protection, separately, in the Eastern Court of Virginia on Sunday.