Another department store retailer may be weighing bankruptcy as its stores remain closed amid the COVID-19 pandemic.
Lord & Taylor and its advisors are exploring options, including filing for bankruptcy, reported Reuters. Other options being considered include trying to negotiate relief from creditors and finding additional financing, the report said.
Hudson’s Bay Company, parent company of Saks Fifth Avenue, sold Lord & Taylor in August 2019 to apparel rental service Le Tote for C$100 million. Under the terms of the deal, Hudson’s Bay and HBS Global Properties, the company’s real estate joint venture with Simon Properties Group, retained ownership of all the owned and ground-leased real estate assets related to Lord & Taylor.
Neiman Marcus Group plans to file for bankruptcy as soon as this week, and J.C. Penney Company Inc is also considering a similar move, Reuters previously reported.