Lord and Taylor, the oldest department store in the United States, are filing for bankruptcy

Lord and Taylor, the oldest department store in the United States, are filing for bankruptcy

Historic American store Lord & Taylor filed for bankruptcy in Virginia state court, according to international media, including Business of Fashion. The store was founded in 1826, making it the oldest in the United States. Owner Lord and Taylor also introduced clothing rental company Le Tote Inc. , Bankruptcy lawsuit.

Le Tote acquired Lord & Taylor, including the brand name, web platform and 38 stores, from Hudson’s Bay Company in August of last year. The supermarket chain has been experiencing relatively poor performance for a number of years. Le Tote’s plan was to reduce the number of Lord & Taylor stores and appeal to an older and younger target group, including Lord & Taylor’s clothing rental service. However, in March, all Lord & Taylor stores were forced to close as a result of Coronavirus measures. That was the straw that broke the company’s bucket. Lord & Taylor Company currently employs 651 workers whose jobs are now at risk.

Lord and Taylor have rich history in the United States. British Samuel Lord opened the first store in 1826. In 1834, George Washington Taylor joined Lord and took the store as its current name. Over the years, Lord and Taylor’s retail network has expanded. The department store chain became famous at the beginning of the twentieth century for its impressive shop windows. In 1945, Dorothy Schaeffer became Lord and Taylor’s manager. She was the first woman to lead a major retailer in the United States.

Photo: Tdorante10, Shinya Suzuki, Flickr

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