NEW YORK—Lord & Taylor, one of the countrys oldest department store chains, is going out of business after filing for bankruptcy earlier this month.
The retailer was sold just a year ago for $100 million to Le Tote, a San Francisco online clothing rental company, by Canadian parent Hudsons Bay Co.
Lord & Taylor will permanently close its remaining 38 stores and shut down its website, the company said Thursday. It is currently holding going out of business sales in stores and online.
Founded as a dry goods store in 1826, Lord & Taylor has struggled for years as more people shop online and in other stores. But the pandemic has changed the way people shop, accelerated the shift to online shopping, mostly to the benefit of big retailers like Amazon, Target, and Walmart.
Since COVID-19 began to spread in the United States, several clothing sellers have gone bankrupt, including Brooks Brothers, Neiman Marcus, and J.C. Penney.
Lord & Taylor was shrinking even before the pandemic.
Last year, it closed its 11-story flagship store on Read More – Source
