Lord & Taylor to Close Lower HV Location, Files for Bankruptcy
Another major retailer has filed for bankruptcy during the COVID-19 pandemic.
NBC News reports that Lord & Taylor has officially filed for Chapter 11 Bankruptcy. On Monday, August 3, 2020, the company filed. The company was already struggling pre-COVID-19 pandemic, but the closure of nonessential businesses was the final straw.
According to NBC News, Lord & Taylor sold its flagship building on Fifth Avenue in New York City in 2019. This was after over 100 years in the location known for it's elaborate Christmas window displays. Now, the Hudson Valley is being affected by store closures. According to USA Today, Lord & Taylor will be closing their Yonkers location at the Ridge Hill Mall. Other New York closures include Albany Crossgates Mall, Buffalo Galleria, Bay Shore Mall, Rochester East View Mall, And Syracuse Destiny USA. The Danbury Fair Mall will also be losing its Lord & Taylor location.
According to Lord & Taylor's website, the nearest location is in Scarsdale/Eastchester, of the lower Hudson Valley.
Plenty of major businesses have announced closures and bankruptcy filings. New York and Company filed for bankruptcy in July. Sur La Table, a cookware store, announced they were filing for bankruptcy and closing all Hudson Valley locations, Bed Bath & Beyond announced they would be closing 200 stores. Last month, Starbucks announced they would be closing 400 locations. It was announced that Over 200 Kay Jewelers, Zales, and Jared locations would be closing. In May 2020, L Brands, the parent company of Victoria's Secret and Bath and Body Works, announced store closures. It was also announced that Pier 1 Imports will be permanently closing all locations. This came after the company had already filed for bankruptcy and planned to close some locations. The COVID-19 shutdown forced the company to close all locations.