Lord & Taylor files for bankruptcy; looking for new owner

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Lord & Taylor files for bankruptcy; looking for new owner

By Marianne Wilson - 08/03/2020

The country’s oldest department store retailer has joined the growing list of companies undone by COVID-19.

Lord & Taylor and its owner, fashion rental subscription company Le Tote, have filed for Chapter 11 bankruptcy protection. Le Tote plans to simultaneously solicit bids for a going concern sale of both its Le Tote and Lord & Taylor businesses, and "conduct targeted store closing sales to maximize the value of its business."  Store closing sales, led by a joint venture of Hilco Merchant Resources and Gordon Brothers, have already begun at 19 of Lord & Taylor's 38 locations (see list at end of article.)

On its website, Lord & Taylor, whose roots date back to 1826, said it is searching for a new owner “who believes in our legacy and values.”

“Part of our announcement also includes filing for Chapter 11 protection to overcome the unprecedented strain the COVID-19 pandemic has placed on our business,” the retailer stated. 

The filing comes less than a year after Le Tote bought the long-struggling Lord & Taylor from Hudson's Bay Co. in an unusual $100 million deal.  Under the terms of the agreement, Le Tote acquired the Lord & Taylor brand and related intellectual property and assumed operations of its 38 stores, digital channels, and the associated inventory. HBS Global Properties, Hudson’s Bay’s real estate joint venture with Simon Properties Group, retained ownership of all the owned and ground-leased Lord & Taylor real estate assets

Lord & Taylor’s filing came the same day as Tailored Brands, owner of Men’s Wearhouse and Jos. A. Bank, filed for bankruptcy protection. 

As of July 23, roughly 40 retailers, including such big names as J.C. Penney and Neiman Marcus Group, had filed for Chapter 11 bankruptcy so far this year, according to CNBC. Similar to Lord & Taylor, a good number of those companies were struggling pre-pandemic but were pushed to the brink as stores went dark.

A list of the 19 locations conducting store closing sales is below. 

Name 

 City 

 State 

 WEST FARMS MALL 

 Farmington 

 CT 

 BALA-CYNWYD STORE 

 Bala Cynwyd 

 PA 

 PRUDENTIAL CENTER 

 Boston 

 MA 

 BAY SHORE MALL 

 Bay Shore 

 NY 

 NORTHBROOK STORE 

 Northbrook 

 IL 

 WHITE FLINT STORE 

 Kensington 

 MD 

 TWELVE OAKS STORE 

 Novi 

 MI 

 WILLOWBROOK MALL 

 Wayne 

 NJ 

 MIZNER PARK 

 Boca Raton 

 FL 

 FAIR OAKS MALL 

 Fairfax 

 VA 

 DANBURY FAIR MALL 

 Danbury 

 CT 

 WALDEN GALLERIA STORE 

 Buffalo 

 NY 

 TRUMBULL STORE 

 Trumbull 

 CT 

 NATICK STORE 

 Natick 

 MA 

 CROSSGATES 

 Albany 

 NY 

 DESTINY USA 

 Syracuse 

 NY 

 EASTVIEW MALL 

 Rochester (Victor) 

 NY 

 RIDGE HILL VILLAGE 

 Yonkers 

 NY 

 COLUMBIA MALL 

 Columbia 

 MD 

 
  
 
 
 

 

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