Lord & Taylor in New York.Richard Levine | Corbis | Getty PicturesVenerable U.S. retailer Lord & Taylor filed for Chapter 11 chapter on Sun
Lord & Taylor in New York.
Richard Levine | Corbis | Getty Pictures
Venerable U.S. retailer Lord & Taylor filed for Chapter 11 chapter on Sunday, turning into the newest in a rising record of storied names to achieve this amid the continuing coronavirus outbreak that has crippled the retail sector.
The corporate estimated each belongings and liabilities within the vary of $100 million to $500 million, its submitting within the U.S. Chapter Court docket for the Jap District of Virginia confirmed.
A storied division retailer chain based in 1826, billed because the oldest within the U.S., Lord & Taylor had been exploring different choices in addition to submitting for chapter. Massive names that already filed for Chapter 11 embody J Crew Group, JC Penney and Neiman Marcus in Could, whereas Fortunate Model turned a casualty of the pandemic in July.
Vogue rental service start-up Le Tote acquired Lord & Taylor final 12 months from Saks Fifth Avenue proprietor Hudson’s Bay Firm for C$100 million ($74.62 million).
Hudson’s Bay had stored possession of a few of Lord & Taylor’s actual property and assumed duty for its hire funds, amounting to tens of tens of millions of {dollars} a 12 months.
Reuters reported in Could that Lord & Taylor deliberate to liquidate stock in its 38 shops as soon as restrictions to curb the unfold of coronavirus had been lifted because it braced for a chapter course of from which it didn’t count on to emerge.
One of many world’s oldest division retailer operators, it was based by two English immigrants on the Decrease East Facet in New York Metropolis. Through the U.S. Civil Warfare within the 1860s, it opened a particular part providing mourning attire for widows.
Lord & Taylor opened its flagship retailer on Manhattan’s Fifth Avenue in 1914, and have become identified for upscale trend and its vacation window show.