- The nearly 200-year-old Lord & Taylor announced on Monday that it is filing for Chapter 11 bankruptcy protection, joining JCPenney and Neiman Marcus as the latest victim of the coronavirus outbreak.
- In a post published on its website, Lord & Taylor wrote that it is looking for a new owner. The subscription clothing company Le Tote acquired the company in 2019. Le Tote also filed for bankruptcy on Monday.
- As one of the oldest department stores in America, Lord & Taylor has spent almost two centuries as a beacon of high-fashion and iconic part of New York City’s culture. We took a closer look at the rise and fall of the company over the years.
- Visit Business Insider’s homepage for more stories.
Not even Lord & Taylor — one of the oldest and most beloved department stores in America — seems to be able to stand the test of the coronavirus.
The luxury department store announced on Monday that it is filing for Chapter 11 bankruptcy protection, joining peers like JCPenney and Neiman Marcus as the latest victim of the global pandemic and the ongoing retail apocalypse. In a post shared on its company website, Lord & Taylor announced that is in search of a new owner after it was acquired by the subscription clothing company Le Tote in August 2019. Le Tote also filed for bankruptcy on Monday.
“Today, we announced our search for a new owner who believes in our legacy and values,” the post states. “This strategy is part of our fierce commitment to preserve a nearly 200-year-old brand that has served local communities and loyal customers for generations.”
Despite its uncertain future, for nearly two centuries Lord & Taylor has served as a go-to retail destination and iconic part of New York City culture. Founded as a dry goods store in 1826, the company expanded to become one of the most prominent retailers in the country and an arbiter of high style. It also broke barriers by becoming the first major retailer led by a female president, inspiring a history of female leadership that set the brand apart in a largely male-dominated industry.
We took a look at Lord & Taylor’s rise to retail powerhouse and its recent decline and uncertain future.