Lord & Taylor, founded in 1826, is one of America’s oldest department stores. This month, it became another casualty of the coronavirus outbreak. The company filed for Chapter 11 bankruptcy in the Eastern Court of Virginia.
A year ago, Lord & Taylor was acquired by a French clothing company, Le Tote, in an unexpected $100 million dollar deal. Currently, Le Tote and Lord & Taylor are both seeking Chapter 11 protection from creditors.
The company has been able to acquire court approval to utilize cash from its secured lenders in order to fund its operations.
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The chain announced that it would be conducting store closures, as part of its restructuring process.
Lord & Taylor has...