Lord & Taylor has filed for bankruptcy due to the ongoing coronavirus pandemic and said it is searching for a buyer. It is one of the America’s oldest department stores.
The stores were known for its upscale fashion and extravagant holiday window displays. It was founded by two English immigrants in 1826, and said to have about $137.9 million of debt obligations, as reported by Bloomberg.
Lord & Taylor’s owner, fashion start-up Le Tote Inc., filed for Chapter 11 along with the retail chain. Le Tote bought the rights to the company’s stores, brand and e-commerce site from Saks Fifth Avenue owner Hudson’s Bay Co. for $71 million last year. Both filed for bankruptcy protection, separately, in the Eastern Court of Virginia on Sunday.