Connect with us


Lord & Taylor File Bankruptcy As Retail Crashes


Lord & Taylor, the struggling department store company dating back to 1826, became the last retailer to file for bankruptcy protection on Sunday as the coronavirus outbreak hastens the demise of already faltering chains.

The chain was acquired last year by clothing rental start-up Le Tote in an unusual $ 100 million deal. Now, Le Tote and Lord & Taylor are both seeking Chapter 11 protection from their creditors in U.S. Bankruptcy Court for the Eastern District of Virginia.

The companies said in a filing on Sunday that they operated 38 sites, which had been temporarily closed since March 2020. A representative for Le Tote and Lord & Taylor did not immediately respond to a request for comment.

Lord & Taylor, previously owned by Hudson’s Bay, the owner of Saks Fifth Avenue, had been struggling for years. The Hudsons Bay chief executive said the chain was in the middle ground between retailers, neither upscale luxury nor discounted clothing.

Hudsons Bay had sold New York’s iconic flagship building to WeWork and, at one point, even started selling its products on the Walmarts website.

Then came the Le Tote deal, which was an unexpected bet from a San Francisco tech startup. The Tote agreed to pay $ 100 million in cash for the Lord & Taylors brand and inventory and to take control of 38 stores and the chains’ online operations. But Hudsons Bay would continue to own the Lord & Taylors real estate and cover Le Totes’ rent in those properties for three years. The agreement was concluded last November.

The Tote planned to revive Lord & Taylor and expand his own fortune by persuading his 30-something townspeople to visit chain stores and have Lord & Taylor’s main customer try out, a suburban woman in his mid-life. 50 years. The Tote.

But that plan has been complicated by the coronavirus outbreak, which has had a disproportionate effect on physical retailers, especially those who have been forced to close stores amid state and city lockdowns.

Since the beginning of May, a number of well-known companies have filed for Chapter 11 bankruptcy to deleverage and get out of costly leases, including Neiman Marcus, J. Crew, JC Penney, Brooks Brothers and the owner of ‘Ann Taylor and Loft.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

picture credit


to request, modification Contact us at Here or [email protected]