Lord & Taylor in New York.
Richard Levine | Corbis | Getty Images
Venerable U.S. retailer Lord & Taylor filed for Chapter 11 bankruptcy on Sunday, becoming the latest in a growing list of well-known names that did in light of the continuing outbreak of the corona virus that paralyzed the retail sector.
The company estimated both assets and liabilities in the $ 100-500 million range, as demonstrated by its filing with the Eastern District of Virginia Bankruptcy Court.
Lord & Taylor, a famous department store chain founded in 1826 and considered the oldest in the United States, had considered other options and filed for bankruptcy. Big names that have already been submitted for Chapter 11 include J Crew Group, JC Penney, and Neiman Marcus in May, while Lucky Brand fell victim to the pandemic in July.
Startup company Le Tote for fashion rentals acquired Lord & Taylor last year from Saks Fifth Avenue owner, Hudson’s Bay Company, for $ 100 million ($ 74.62 million).
Hudson & # 39; s Bay had owned several properties from Lord & Taylor and was responsible for the rental payments of several tens of millions of dollars per year.
Reuters reported in May that Lord & Taylor was planning to liquidate inventory in its 38 department stores after the coronavirus spread restrictions were lifted as it was preparing for a bankruptcy process it had not expected.
As one of the oldest department store operators in the world, it was founded by two English immigrants on the Lower East Side in New York City. During the U.S. Civil War in the 1860s, it opened a special department that offered mourning clothes for widows.
Lord & Taylor opened its flagship store on Manhattan's Fifth Avenue in 1914 and became known for upscale fashion and its shop windows.