Lord & Taylor closing 19 stores in these locations in bankruptcy reorganization
Lord & Taylor files for bankruptcy; Microsoft in talks to buy TikTok
Fox Business Briefs: Luxury department store Lord & Taylor files for bankruptcy one year after closing its 11-story flagship building on New York’s Fifth Avenue; Microsoft in talks to buy the popular video app TikTok.
Lord & Taylor is closing 19 of its store locations after its parent company, Le Tote Inc., filed for Chapter 11 bankruptcy on Monday.
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The closures come as the coronavirus pandemic forced stores to close and boosted online shopping over physical shopping.
LUXURY DEPARTMENT STORE LORD & TAYLOR FILES FOR BANKRUPTCY
"Today, we announced our search for a new owner who believes in our legacy and values," Lord & Taylor wrote in a message to customers. "Part of our announcement also includes filing for Chapter 11 protection to overcome the unprecedented strain the COVID-19 pandemic has placed on our business."