In a year marked by the untimely death of NBA star Kobe Bryant, the outbreak of the coronavirus pandemic, and the civil unrest following the murder of George Floyd, 2020 proved to be a tumultuous one for the United States. As the economy struggled to cope with the pandemic’s impact, traditional retailers faced a daunting challenge as consumers increasingly turned to online shopping platforms like Amazon. Among these retailers is Lord & Taylor, America’s oldest department store chain, which is now preparing to close all of its stores after nearly two centuries in business.
The Fall of a Retail Icon
Due to the economic hardships imposed by the pandemic, Lord & Taylor, which was sold to a French company last year, is set to shutter all 38 of its stores in a desperate liquidation sale. This marks a significant shift from its earlier decision when it filed for Chapter 11 bankruptcy, opting to keep fourteen locations operational.
Lord & Taylor’s illustrious history dates back to 1824 when it opened its doors in Manhattan as a dry goods store, pioneering the concept of the department store in the United States. The store continued to innovate for decades until its acquisition by the French clothing company, Le Tote Inc., last year.
Both Lord & Taylor and Le Tote Inc. filed for bankruptcy in the Eastern Court of Virginia in August 2020, signaling their struggle to adapt to the changing retail landscape.
Related Posts
NBC Asks Epstein Survivors for ‘Dirt’ on Trump — It Backfires Spectacularly
Six women who say they were trafficked by Jeffrey Epstein or Ghislaine Maxwell gathered in Washington, D.C., to deliver a powerful plea for accountability and transparency. Standing…
A source claims Kevin Costner is romantically involved with a billionaire’s former partner
Kevin Costner endured a bitter divorce from handbag designer Christine Baumgartner after nearly two decades of marriage. In May 2023, Baumgartner filed for divorce, citing irreconcilable differences….
Kayleigh McEnany Flaunts Adorable Baby Girl While Revealing Long-Awaited Announcement
Fox News co-host Kayleigh McEnany is back, but not before sharing one last glimpse of her sweetest summer yet. On Wednesday, the Outnumbered anchor posted a breathtaking…
These are the serious consequences of eating… See more
Cause: Overgrowth of the Candida fungus, often due to poor oral hygiene, antibiotic use, or a weakened immune system. Symptoms: Thick, white or yellow coating Slight burning…
Social Security Announces New Cost-of-Living Adjustment (COLA) Checks – What You Need to Know
The Social Security Administration (SSA) has announced a new Cost-of-Living Adjustment (COLA) for the upcoming year, designed to help recipients manage rising inflation and increased living costs….
Epstein Survivors Deliver Unified Message That Defies Media Expectations
A carefully orchestrated media appearance aimed at extracting damaging information about a prominent political figure has taken an unexpected turn, with survivors of one of the most…
