Lord & Taylor, a New York landmark retailer, has filed for bankruptcy, joining a growing list of retailers flummoxed by the pandemic. The company, which was bought last year by the French rental clothing company Le Tote Inc., filed for bankruptcy protection in Eastern Court of Virginia, on Sunday (2nd August).
An announcement was made on the website of the company, one of the oldest American department stores, that it is looking for a new owner. Lord & Taylor was struggling with the shift to online shopping even before the pandemic struck this spring.
The company sold its flagship building on New York’s Fifth Avenue last year after more than a century in the 11-storey building. The company was founded in 1826 as a dry goods store. There are several dozen Lord & Taylor stores across America.