The year 2020 undeniably ushered in an array of unprecedented trials and transformations, from the untimely demise of NBA luminary Kobe Bryant to the global havoc wrought by the coronavirus pandemic, and the societal turbulence ensuing from George Floyd’s tragic murder. These momentous occurrences had profound repercussions on various sectors, including the economic and retail realms.
One notable casualty of these economic vicissitudes is Lord & Taylor, the most aged department store chain in America, boasting an impressive history spanning nearly two centuries. Battling against the pandemic’s impact and the shifting inclinations of consumers towards online shopping, the company ultimately sought refuge in Chapter 11 bankruptcy. Initially, their intentions were to keep fourteen establishments in operation.
However, in light of the ongoing financial adversity, they have reluctantly opted for a sweeping liquidation sale, marking the closure of all 38 of their stores. Lord & Taylor’s illustrious history traces its roots back to 1824 when it first welcomed shoppers in Manhattan as the United States’ inaugural department store, specializing in dry goods. Over the years, it continually evolved and dutifully served generations of American consumers until its acquisition by the French apparel firm, Le Tote Inc., in 2019. Notably, both Lord & Taylor and Le Tote Inc. succumbed to bankruptcy in August 2020.
The economic repercussions of the coronavirus pandemic have been catastrophic for numerous businesses. Apart from Lord & Taylor, several other venerable and iconic retailers have grappled with financial adversity and store closures, among them Brooks Brothers, J. Crew, J.C. Penney, Neiman Marcus, Stage Stores, Ann Taylor, and Lane Bryant, to enumerate a few.
A few of these corporations have sought sanctuary in bankruptcy protection or have been compelled to undertake substantial operational overhauls. Without a doubt, the economic terrain is in a state of flux, prompting us to ponder how the retail sector will transform and adapt in the years to come. The erstwhile historic business premises, now left vacant, will necessitate new occupants or purposes, and the revival of the American economy remains a paramount concern for many.