In a year marked by the untimely death of NBA star Kobe Bryant, the outbreak of the coronavirus pandemic, and the civil unrest following the murder of George Floyd, 2020 proved to be a tumultuous one for the United States. As the economy struggled
to cope with the pandemic’s impact, traditional retailers faced a daunting challenge as consumers increasingly turned to online shopping platforms like Amazon. Among these retailers is Lord & Taylor, America’s oldest department store chain, which is now preparing to close all of its stores after nearly two centuries in business…..CONTINUE READING IN BELOW
The Fall of a Retail Icon
Due to the economic hardships imposed by the pandemic, Lord & Taylor,
which was sold to a French company last year, is set to shutter all 38 of its stores in a desperate
liquidation sale. This marks a significant shift from its earlier decision when it filed for
Chapter 11 bankruptcy, opting to keep fourteen locations operational.
Lord & Taylor’s illustrious history dates back to 1824 when it opened its doors in Manhattan as a dry goods store,
pioneering the concept of the department store in the United States. The store continued to innovate
for decades until its acquisition by the French clothing company, Le Tote Inc., last year.
Both Lord & Taylor and Le Tote Inc. filed for bankruptcy in the Eastern Court of Virginia in August 2020,
signaling their struggle to adapt to the changing retail landscape.
