Following a challenging 2020, marked by Kobe Bryant’s tragic death, the COVID-19 pandemic, and civil unrest, traditional retailers struggled. Lord & Taylor, America’s oldest department store, couldn’t survive the economic hit and is now closing all 38 stores.
Acquired by the French company Le Tote Inc. in 2019, Lord & Taylor filed for Chapter 11 bankruptcy due to mounting financial pressures, initially planning to keep 14 locations open. Founded in 1824 as the first U.S. department store, the brand’s decline accelerated after selling its Fifth Avenue flagship to WeWork (later acquired by Amazon).
Now hosting going-out-of-business sales, Lord & Taylor joins a list of historic retailers, including Brooks Brothers and J.C. Penney, hit hard by economic shifts. The pandemic has reshaped the retail landscape, challenging historic brands and sparking questions about recovery and future retail opportunities.
