August 3 2020

Lord & Taylor Files for Chapter 11 Bankruptcy Protection

By: Rich Hosford

Another retail business is showing signs of struggle during the coronavirus pandemic. 

 

Lord & Taylor, an anchor store at the Burlington Mall, filed for Chapter 11 bankruptcy protection on Sunday, according to CNN and other news outlets. 

 

As reported by BNEWS, last September the retail chain was bought by the online clothing rental business Le Tote for $100 million from the Hudson’s Bay Company. At the time of the sale Le Tote said it would offer the merchandise in smaller-format stores and include rental options for $79 per month, allowing customers to keep up with the latest fashions without putting down the money to actually buy the clothing.

 

According to Business Insider, Lord & Taylor has begun liquidation sales at 19 of its 38 stores and such sales could start at any time. Business Insider further reports that if a buyer is found for one or more stores, the company will stop liquidation sales at those locations. The Burlington Mall location is not one of the 19 stores in the initial liquidation sell-off. 

 

Chief Restructuring Officer Ed Kremer said in a court declaration that Lord & Taylor is hoping to sell some of its most profitable stores through an auction process.


 

 
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