In this year of coronavirus and stay-at-home orders, quite a few companies in the retail sector have declared bankruptcy, including Modells, J. Crew, Neiman Marcus and the parent company of Mens Wearhouse.
Just because a company declared bankruptcy doesnt mean its going out of business; bankruptcy is often used by companies to reorganize their debts and later reemerge. But one prominent company wont be coming back.
Lord & Taylor, the clothing retail chain that had been Americas oldest continuously operating department store, announced this week that it is going out of business, and will close its thirty-eight remaining stores as well as its e-commerce operation. The decision comes less than a month after the companys bankruptcy filing…
Read the full article at: https://nationalinterest.org/blog/coronavirus/rip-lord-and-taylor-bankrupt-retail-chain-close-after-nearly-200-years-167978
