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Chapter 11 has a common place in the retail sector in recent times, as the pandemic forces more and more companies to file for bankruptcy. The newest victim of this kind is the well-known luxury chain Lord and Taylor.
The Manhattan Pillar, which dates back to 1826, is one of the oldest retail branches in the country and unfortunately was in trouble even before the virus arrived. In an ad on its online page on Sunday, the company said it was applying for Chapter 11 bankruptcy coverage and was also looking for a new owner.
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“Today we announce our search for a new owner who believes in our heritage and values,” reads on the website. “Part of our announcement also includes the presentation of Chapter 11 coverage to trump the unprecedented strain that the Covid-19 pandemic has imposed on our operations.”
The chain was purchased through French clothing company Le Tote in November 2019 for $100 million. Tote took from the brand, stock and online operations, as well as 38 stores. Hudson’s Bay, the former owner of Lord and Taylor, who also owns Saks Fifth Avenue, retained the chain’s genuine property and would cover Le Tote’s rent in the homes of the two for the next 3 years.
According to the New York Times, Le Tote hoped to revive Lord and Taylor and expand their own fortune by persuading other young, bright people to their physical outlets and convincing others over the age of 50 to shop at the latest Le Tote.
This plan was thwarted by the Covid-19 epidemic, which forced many companies to close operations and retail businesses due to state and municipal closures. In fact, the company’s 38 sites have been temporarily closed since March.
Tote is also covered by Chapter 11 of its creditors in the U.S. Bankruptcy Court. For the Eastern District of Virginia and joins heavyweights such as Neiman Marcus, Bergdorf Goodman and Brooks Brothers, who also filed for bankruptcy.
Lord and Taylor say the Chapter 11 case will continue to work. There will be no immediate replacement in the online store and existing IRL locations will continue to reopen safely to serve their unwavering customers. You can check the prestige of opening the store and the opening hours existing here.
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