Lord & Taylor, the oldest U.S. department store chain, files for bankruptcy

Lord & Taylor, the country’s oldest department store chain, filed for bankruptcy protection on Sunday, joining 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.

Source:WP