Aug 2 (Reuters) - Venerable U.S. retailer Lord & Taylor filed for Chapter 11 bankruptcy on Sunday, becoming the latest in a growing list of storied names to do so amid the ongoing coronavirus outbreak that has crippled the retail sector.
The company estimated both assets and liabilities in the range of $100 million to $500 million, its filing in the U.S. Bankruptcy Court for the Eastern District of Virginia showed. A storied department store chain founded in 1826, billed as the oldest in the U.S., Lord & Taylor had been exploring other options as well as filing for bankruptcy. Big names that already filed for Chapter 11 include J Crew Group, JC Penney and Neiman Marcus in May, while Lucky Brand became a casualty of the pandemic in July.
Fashion rental service start-up Le Tote acquired Lord & Taylor last year from Saks Fifth Avenue owner Hudson's Bay Company for C$100 million ($74.62 million).
Venerable U.S. retailer Lord & Taylor filed for bankruptcy, becoming the latest in a growing list of storied names to do so amid the ongoing shutdown
2 comments:
How COVID-19 Is Killing The Traditional Indonesian Horse Cart Industry | THE VOICELESS #38
https://youtu.be/gpumNc_hXDs
COVID hysteria is harming people around the world.
“HSBC Holdings shares tumbled 6.4% Monday morning, hitting 11 year lows not seen since the 2008-09 financial crisis, following the bank's latest earnings report that warned the virus-induced global downturn might trigger $13 billion in loan losses. “
Send this to Blyth who thinks “the financial world is disconnected from the real world!”....
Post a Comment