Lord & Taylor seeking bankruptcy protection

Associated Press

NEW YORK - Lord & Taylor, American's oldest retailer, is seeking bankruptcy protection, as is the owner of Men's Warehouse and Jos. A. Bank, lengthening the list of major retial chains that have faltered in the pandemic.
..... Household names, many lingtime anchors in malls nationwide, were already struggling to keep up with a radical reformation in what people buy, and where they buy it. Much of that activity has moved online.
..... Thousands of store closures forced by the arrival of COVID-19 has proved too much.
.... Lord & Taylor, which began as a Manhattan dry goods store in 1824, was sold to the French rental clothing company Le Tote Incorporated last year. [2019] Both filed for bankruptcy protection, separately, in the eastern Court of Virginia on Sunday. [08/02/2020]
..... Lord & Taylor says it's looking for a buyer.
..... The company last year [2019] sold its 11-story flagship building on New York's Fifth Avenue that it owned for more than a century.
..... Tailored Brands, which owns Men;s Warehouse and Jos A. Bank stores, was struggling even before shelter-in-place orders smothered any demand for suits or ties.
..... Tailored Brands filed for Chapter 11 protection Sunday [08/02/2020] in the Southern District of Texas.
..... Men's Warehouse and Jos A. Bank stores, along with K&G Fashion Superstore and Moores Clothing for Men, all owned by Tailored, will continue to operate during restructuring. The company expects to reduce it;s funded debt by at least $630 million.
..... Last month, [07/2020] Brooks Brothers, the 200-year-old company that dressed nearly every U.S. president, field for bankruptcy protection.
..... It rival, Barneys New York, is being dismantled after filing for bankruptcy last year. [2019]
..... Dozens of retailers, big and small, have filed for Chapter 11 protection this year. [2020]
..... The pace through the first half or 2020 far exceeds the number of retail bankruptcies for all of last year. [20219] About two dozen stores have sought bankruptcy protection since the pandemic started.
.... Others include J Crew, J.C. Penney, Neiman Marcus, Stage Stores and Ascena Retail Group, which owns Lane Bryant and Ann Taylor.

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