On Sunday, August 2, 2020, renowned clothing company Lord and Taylor filed for Chapter 11 bankruptcy protection due to the unexpected effect brought about by the Covid-19 pandemic to their business. This is to help them with their company restructuring.
USA Today: Lord & Taylor stores closing: Liquidation sales are now underway as part of company’s bankruptcy amid COVID-19
USA Today reports that Lord & Taylor, one of the nation’s oldest department store chains, has started liquidating 19 of its 38 stores.
The retailer filed for Chapter 11 bankruptcy protection Sunday, joining the growing list of retailers who say they were impacted by temporary store closures amid the coronavirus pandemic.
It further states that since May, Ascena Retail Group, parent company of Justice, Ann Taylor and Lane Bryant, New York & Company’s parent company RTW Retailwinds, Lucky Brand, J.C. Penney, Brooks Brothers, Sur La Table, Neiman Marcus, Tuesday Morning, Tailored Brands, GNC and J. Crew have all filed for Chapter 11.
In last 24 hrs.. more #retail bankruptcies:— Jo Ling Kent (@jolingkent) August 3, 2020
? Lord & Taylor
? Men’s Wearhouse, JoS. A Bank parent company
Corsesight Research recently told me rest of 2020 holds “significantly more bankruptcies.” Both chapter 11 and 7.
Store closures to hit 35,000-40,000 this year alone.
Syracuse.com: Lord & Taylor at Destiny USA to close
According to Syracuse.com, signs at the entrances to the store at Destiny USA on Monday morning announced a store closing sale, with 20% to 40% off everything in the store.
The retailer, which was in trouble even before the coronavirus pandemic slammed the economy, filed for reorganization under Chapter 11 of U.S. Bankruptcy Code on Sunday. The chain was founded in 1826. Hudson’s Bay Co. sold the chain to Le Tote, a rental subscription-based fashion brand, in 2019.