Lord & Taylor in New York.
Richard Levine | Corbis | Getty Photos
Venerable U.S. retailer Lord & Taylor filed for Chapter 11 chapter on Sunday, changing into the newest in a rising listing of storied names to achieve this amid the continued coronavirus outbreak that has crippled the retail sector.
The corporate estimated each belongings and liabilities within the vary of $100 million to $500 million, its submitting within the U.S. Chapter Courtroom for the Japanese District of Virginia confirmed.
A storied division retailer chain based in 1826, billed because the oldest within the U.S., Lord & Taylor had been exploring different choices in addition to submitting for chapter. Large names that already filed for Chapter 11 embody J Crew Group, JC Penney and Neiman Marcus in Might, whereas Fortunate Model turned a casualty of the pandemic in July.
Style rental service start-up Le Tote acquired Lord & Taylor final 12 months from Saks Fifth Avenue proprietor Hudson’s Bay Firm for C$100 million ($74.62 million).
Hudson’s Bay had saved…