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Venerable U.S. retailer Lord & Taylor filed for bankruptcy, becoming the latest in a growing list of storied names to do so amid the ongoing shutdown

Summary:
Aug 2 (Reuters) - Venerable U.S. retailer Lord & Taylor filed for Chapter 11 bankruptcy on Sunday, becoming the latest in a growing list of storied names to do so amid the ongoing coronavirus outbreak that has crippled the retail sector. The company estimated both assets and liabilities in the range of 0 million to 0 million, its filing in the U.S. Bankruptcy Court for the Eastern District of Virginia showed. A storied department store chain founded in 1826, billed as the oldest in the U.S., Lord & Taylor had been exploring other options as well as filing for bankruptcy. Big names that already filed for Chapter 11 include J Crew Group, JC Penney and Neiman Marcus in May, while Lucky Brand became a casualty of the pandemic in July. Fashion rental service start-up Le Tote acquired

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Aug 2 (Reuters) - Venerable U.S. retailer Lord & Taylor filed for Chapter 11 bankruptcy on Sunday, becoming the latest in a growing list of storied names to do so amid the ongoing coronavirus outbreak that has crippled the retail sector.

The company estimated both assets and liabilities in the range of $100 million to $500 million, its filing in the U.S. Bankruptcy Court for the Eastern District of Virginia showed. A storied department store chain founded in 1826, billed as the oldest in the U.S., Lord & Taylor had been exploring other options as well as filing for bankruptcy. Big names that already filed for Chapter 11 include J Crew Group, JC Penney and Neiman Marcus in May, while Lucky Brand became a casualty of the pandemic in July.

Fashion rental service start-up Le Tote acquired Lord & Taylor last year from Saks Fifth Avenue owner Hudson's Bay Company for C$100 million ($74.62 million).

Venerable U.S. retailer Lord & Taylor filed for bankruptcy, becoming the latest in a growing list of storied names to do so amid the ongoing shutdown
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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