Lord & Taylor Declares Bankruptcy. Will Local Stores Stay Open?
The latest casualty of the coronavirus pandemic, in the retail world, is Lord and Taylor department store, according to CNN.
The company filed for Chapter 11 bankruptcy yesterday (Sunday, August 2nd), following a long list of businesses who have done the same thing in recent weeks and months.
No official word yet on which local stores will be closing, if any, as the company reorganizes and most likely moves forward with more online shopping plans. But, Forbes, says, "The New York/New Jersey metropolitan area appears largely unscathed." Let's hope that's true.
I'm really nervous about this news, because I love shopping there. Everything I buy at Lord and Taylor (dresses, casual clothes, coats, swimsuits, pajamas, etc.) all seem to fit me perfectly, and that's rare for me. You know what I'm talking about, don't you? Everyone seems to have a store, where everything fits you just right. Well, Lord and Taylor is that store for me. I really hope the Quaker Bridge Mall store stays open. There are also local Lord and Taylor stores in Freehold Raceway Mall and Bridgewater Commons.
I thought Lord and Taylor was doing ok, after getting a new owner last year (Le Tote, Inc. bought it for $75 million). The Quaker Bridge Mall store just got a new, beautiful makeover and always seems crowded.
Here's a little interesting trivia for you. The article revealed that Lord and Taylor opened its first store in New York in 1826, which made it the first department store in the U.S.
Ugh. Please don't go Lord & Taylor. I love you and your Clinique counter and all your clothes that fit me just right.