Upscale department-store chain Lord & Taylor and its owner, clothing rental startup Le Tote Inc., have filed for Chapter 11 bankruptcy protection. The filing...
Upscale department-store chain Lord & Taylor and its owner, clothing rental startup Le Tote Inc., have filed for Chapter 11 bankruptcy protection. The filing Sunday in U.S. Bankruptcy Court in Richmond, Va., came less than a year after Le Tote bought the chain from Hudson's Bay Co. in a $100 million deal. Lord & Taylor has 38 locations in the U.S.
, according to the filing, and about 650 employees. Some of the stores, which have been closed since March due to the pandemic, reportedly had new"store closing" signs put up Sunday. Department stores have been particularly hard hit by the pandemic, and Lord & Taylor's bankruptcy filing follows those by JCPenney Co., Neiman Marcus Inc. and J. Crew Co.
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