Becoming the latest of many retailers to declare bankruptcy during the coronavirus pandemic, department store Lord & Taylor has filed for Chapter 11.
The company filed for Chapter 11 bankruptcy protection Sunday, according to court documents.
A closed Lord & Taylor department store following their filing for bankruptcy amid the COVID-19 pandemic in Garden City, N.Y., on May 12, 2020. Bruce Bennett/Getty Images
The bankruptcy comes almost a year after fashion rental subscription service Le Tote, Inc. bought the company for $75 million. Before that, Hudson’s Bay Company acquired Lord & Taylor in 2012.
Lord & Taylor opened its first store in New York in 1826, making it the nation’s first department store. It was once a mainstay of high-end fashion.
The company could not be reached for comment Sunday evening.
