'Nation's First Department Store' Files for Bankruptcy

Another big retail name is going under amid the coronavirus pandemic: Lord & Taylor filed for Chapter 11 bankruptcy protection Sunday. However, as the New York Times reports, the department store chain had been struggling even before COVID-19. Clothing rental start-up Le Tote bought Lord & Taylor last year, and it also filed for bankruptcy Sunday. Prior to that, Hudson's Bay had acquired Lord & Taylor in 2012. CNN says Lord & Taylor, founded in 1826, was the country's first department store. All 38 Lord & Taylor locations have been temporarily closed since shutdowns started in March of this year. Other retailers that have filed for Chapter 11 since May include Neiman Marcus, J. Crew, JC Penney, Brooks Brothers, and the company that owns Ann Taylor and Loft. (More Lord & Taylor stories.)