Lord & Taylor, Men's Wearhouse owner file for bankruptcy

  • Lord & Taylor, Men's Wearhouse owner file for bankruptcy

Lord & Taylor, Men's Wearhouse owner file for bankruptcy

Much of that activity has moved online.

Lord & Taylor, America's oldest retailer, is seeking bankruptcy protection, as is the owner of Men's Wearhouse and

Men's Wearhouse and Jos.

The oldest United States department store filed for Chapter 11 protection in Richmond, Virginia, on Sunday (Aug 2).

Lord & Taylor says it's looking for a buyer.

Lord & Taylor, founded in 1826 by two immigrants from England, is the oldest department store in the United States.

Last month, Brooks Brothers, the 200-year-old company that has dressed almost every USA president, filed for bankruptcy protection. Its rival, Barneys New York, is being dismantled after filing for bankruptcy previous year.

The store's owner, Le Tote Inc., also filed for Chapter 11.

Men's Wearhouse and Jos. Tailored Brands said it will implement a restructuring plan to reduce its debt by at least $630 million to ensure it can keep operating.

Lord & Taylor, known for its upscale fashions and extravagant holiday window displays, sought bankruptcy protection from creditors after a turnaround effort faltered amid the coronavirus pandemic. Since March, a number of major clothing retailers have been pushed into bankruptcy, including Brooks Brothers Group Inc., J.C. Penney Co., Neiman Marcus Group Ltd. and J.Crew Group Inc.