Lord & Taylor is considering filing for bankruptcy after being forced to close all of its 38 U.S. department stores amid the coronavirus crisis, according to a report from Reuters.
Sources also said the retailer is trying to negotiate relief from creditors and secure additional financing,
Lord & Taylor was acquired by the fashion rental service start-up Le Tote from Hudson’s Bay Company last year. Hudson’s Bay retained some of Lord & Taylor’s real estate and assumed responsibility for related rent payments.
Photo courtesy Lord & Taylor