Lord & Taylor In Talks To File For Bankruptcy Protection

The New York Post reports:

Lord & Taylor is exploring filing for bankruptcy protection after it was forced to temporarily shut all of its 38 US department stores in the wake of the coronavirus outbreak, people familiar with the matter said on Monday.

It is one of several options that the retailer and its advisers are exploring, which also include trying to negotiate relief from creditors and finding additional financing, some of the sources said, adding that no final decisions have been made.

Fashion rental service start-up Le Tote acquired Lord & Taylor last year from Saks Fifth Avenue owner Hudson’s Bay Company for $100 million.

Other major chains reportedly in bankruptcy talks this month include Neiman Marcus, JC Penney, and AMC Theaters.