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Lord & Taylor, the country’s oldest department store chain, files for bankruptcy

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Lord & Taylor files for bankruptcy

Lord & Taylor, the country’s oldest department store chain, filed for bankruptcy on Sunday, joining about a dozen iconic retailers that have succumbed to Chapter 11 protection during the pandemic.

The once-storied institution, founded in New York in 1826, had in recent years fallen out of touch with high-end customers and younger shoppers. Le Tote, the clothing rental start-up that bought Lord & Taylor last year for about $100 million, also filed for Chapter 11 bankruptcy on Sunday.

The filings comes weeks after two other department store chains -- Neiman Marcus and J.C. Penney -- also filed for bankruptcy protection. The pandemic has wrecked havoc on already struggling retailers that have temporarily shuttered thousands of stores and furloughed more than 1 million employees since mid-March.

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