The department store chain joins about a dozen iconic retailers that have succumbed to Chapter 11 protection during the pandemic.
The once-storied institution, founded in New York in 1826, had in recent years fallen out of touch with high-end customers and younger shoppers. Le Tote, the clothing rental start-up that bought Lord & Taylor last year for about $100 million, also filed for Chapter 11 bankruptcy on Sunday.
The filings comes weeks after two other department store chains — Neiman Marcus and J.C. Penney — filed for bankruptcy protection. The pandemic has wreaked havoc on already struggling retailers, and temporarily shuttered thousands of stores and furloughed more than 1 million employees since mid-March.Le Tote had hoped to revive the flagging brand by adding makeup subscriptions, try-on boutiques and other services aimed at busy millennial shoppers.
In its filing, the company said it had $100 million to $500 million in both assets and debts. Its largest creditors include well-known brands such as Polo Ralph Lauren , Michael Kors and L’Oreal Lancome .
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