Lord & Taylor, oldest department store chain in U.S., files for bankruptcy

Lord & Taylor, the country's oldest department store chain, filed for bankruptcy on Sunday, joining about a dozen iconic retailers that have sought Chapter 11 protection during the pandemic.

The once-storied institution, founded in New York in 1826, had in recent years fallen out of touch with high-end customers and younger shoppers. Le Tote, the clothing-rental start-up that bought Lord & Taylor last year for about $100 million, also filed for Chapter 11 bankruptcy on Sunday.

The filings come weeks after two other department store chains — Neiman Marcus and J.C. Penney — also filed for bankruptcy protection. The pandemic has wreaked havoc on already struggling retailers that have temporarily shuttered thousands of stores and furloughed more than 1 million employees since mid-March.

Le Tote had hoped to revive the flagging brand by adding makeup subscriptions, try-on boutiques and other services aimed at busy millennial shoppers.

Lord & Taylor has about 40 stores across the country, many of them in shopping malls.