Lord & Taylor, one of the country’s oldest department store chains, has been out of business since filing for bankruptcy earlier this month.
The retailer sold for $ 100 million a year ago Le Tote, San Francisco clothing online clothing rental company by Canadian parent Hudson’s Bay Co.
Lord & Taylor will permanently close its remaining 38 stores and close its website, the company said Thursday. It currently has out-of-business sales in stores and in-line.
Founded in 1826 as a dry goods store, Lord & Taylor has been struggling for years. But the epidemic has changed the way people shop, shopping has shifted to online shopping, largely for the benefit of large retailers. Amazon, And Walmart.
Dia Dipsupil and Cindy Order / Getty Images for Lord & Taylor
COVID-19 U.S. Since its inception, many clothing retailers have gone bankrupt, including Brooks Brothers, Neiman Marcus and J.C. Penny is included. The purchase of Brooks Brothers ens 325 million will be done by a retail venture managed by the licensing company Aut Thentic Brands Group and the mall owner Simon Property Group.
Lord & Taylor were already shrinking before the epidemic. Last year, that Closed its 11-story flagship store On Fifth Avenue in New York, which has been owned for more than a century. Shopping online shopping giant Amazon is turning a house into a fee for its tech workers.
U.S. Retail sales declined An unprecedented decline of 7.7% in March, as the coronavirus outbreak forced an almost complete lockdown of commerce across the country. The cost stretch is exacerbating the problems facing brick-and-mortar retailers, who were already struggling with online competition.
Department stores and mall-based chains have reduced executive salaries, suspended cash dividends and stock buybacks. They also draw lines of credit to make sure they have cash on hand.
More than 250,000 stores selling non-essential goods, including Macy’s, Nordstrom and Nike, have been closed since mid-March. According to GlobalRetal Research, U.S. That’s 60% of retail square footage.
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