Longstanding retail giant Lord & Taylor has filed for bankruptcy. The department store, which traces its roots to 1826, was acquired last year by clothing start-up Le Tote for $100 million. Now, both Le Tote and Lord & Taylor are seeking Chapter 11 protections, filing in the Eastern District of Virginia.
Lord & Taylor is just the latest chain to see its demise at the hands of the COVID-19 pandemic, joining Neiman Marcus, J. Crew, J.C. Penny, Brooks Brothers, and the owners of Loft and Ann Taylor in filing for bankruptcy. Other chains, like Macy’s and Nordstrom, have also been making cuts.