The year 2020 began with the tragic passing of NBA legend Kobe Bryant and quickly became one of the most challenging years in recent history, with the emergence of the COVID-19 pandemic and widespread social and economic disruption.
Among the many industries impacted by the pandemic, the retail sector faced significant setbacks. With lockdowns and a shift to online shopping, many brick-and-mortar retailers saw a steep decline in foot traffic and revenue. One such retailer is Lord & Taylor, America’s oldest department store, which is now set to close all of its remaining stores after nearly two centuries in business.
Founded in Manhattan in 1824 as a dry goods store, Lord & Taylor became the first department store in the United States and a fixture of American retail innovation. After years of evolution and expansion, the company was sold in 2019 to the French clothing rental firm Le Tote Inc. However, both companies filed for bankruptcy in August 2020 in the Eastern District of Virginia.
Initially, Lord & Taylor planned to keep 14 of its 38 stores open following its Chapter 11 filing. However, due to continued financial pressure, the company has announced a full liquidation of all locations.
Continue reading on next page…