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US retailer Lord & Taylor files for bankruptcy protection
05 Aug '20
1 min read
Pic: Shutterstock
US retailer Lord & Taylor recently filed for Chapter 11 bankruptcy protection in Richmond, Virginia, after a turnaround effort faltered amid the coronavirus pandemic. The company, which has about $137.9 million of debt obligations, will submit a reorganisation plan to the court. Lord & Taylor’s owner, fashion start-up Le Tote Inc., also filed for Chapter 11.
San Francisco-based Le Tote bought the rights to the company’s stores, brand and e-commerce site from Saks Fifth Avenue owner Hudson’s Bay Co. for $71 million last year.
Lord & Taylor was founded in Manhattan by two English immigrants in 1826. The company, with 38 stores and 651 employees, closed all its stores temporarily in March.
Le Tote offers fashion-apparel rentals. Executives at the company have planned to cut the number of Lord & Taylor stores and target younger women with luxury try-on studios, beauty subscriptions and rental drop-off points, according to US media reports.
Le Tote officials were grappling with “carrying the increased expenses associated with the acquisition, as well as the brick-and-mortar assets which were unusable for a substantial period of time,” according to the court documents.
San Francisco-based Le Tote bought the rights to the company’s stores, brand and e-commerce site from Saks Fifth Avenue owner Hudson’s Bay Co. for $71 million last year.
Lord & Taylor was founded in Manhattan by two English immigrants in 1826. The company, with 38 stores and 651 employees, closed all its stores temporarily in March.
Le Tote offers fashion-apparel rentals. Executives at the company have planned to cut the number of Lord & Taylor stores and target younger women with luxury try-on studios, beauty subscriptions and rental drop-off points, according to US media reports.
Le Tote officials were grappling with “carrying the increased expenses associated with the acquisition, as well as the brick-and-mortar assets which were unusable for a substantial period of time,” according to the court documents.
Fibre2Fashion News Desk (DS)
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