The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on August 03, 2020, 01:54:00 pm
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Oldest US department store chain Lord & Taylor files for bankruptcy
By Rebecca Klar - 08/02/20 09:17 PM EDT
Lord & Taylor, the oldest department store chain in the U.S., filed for bankruptcy on Sunday, joining a growing list of businesses to announce bankruptcy amid the coronavirus pandemic.
The department store filed for Chapter 11 protection in Richmond, Virginia, Bloomberg reported.
The department store’s owner, Le Tote Inc., filed for Chapter 11 protection along with Lord & Taylor, according to the report. Le Tote bought the rights to Lord & Taylor last year.
more
https://thehill.com/policy/finance/510218-oldest-us-department-store-chain-lord-taylor-files-for-bankruptcy
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L&T had a store in downtown Pittsburgh some years ago. The company renovated an old bank building, converting it into one of its department stores. I believe the company also scored some state and local tax incentives to open a store in the city. Anyway, I went in there once after the store opened. For all the hoopla about Lord & Taylor coming to town, I thought the merchandise was mundane and overpriced. Evidently, others thought the same way. The store closed about 3 years after it opened.