Lord & Taylor, one of America’s oldest department stores, has filed for bankruptcy, joining a growing list of stores slammed by the coronavirus pandemic. Tailored Brands, the parent company of Men’s Wearhouse and Jos. A. Banks, filed for bankruptcy as well.
Many of the companies that have filed for Chapter 11 in recent weeks were already struggling, but the forced closure of non-essential stores in March pushed them to the brink. Lord & Taylor, which was sold to the French rental clothing company Le Tote Inc. last year, filed Sunday for bankruptcy protection in the Eastern Court of Virginia.
Like many retailers, Lord & Taylor was already struggling with the shift to online shopping even before the pandemic struck this spring. Last year, it sold its flagship building on New York’s Fifth Avenue after more than a century in the 11-story building.
Tailored Brands, the parent company of Men’s Wearhouse and Jos. A. Bank, filed for chapter 11 bankruptcy protection after the pandemic slashed demand for dress clothes https://t.co/hAbkkjfRNm
— The Wall Street Journal (@WSJ) August 3, 2020