Lord & Taylor, Men’s Wearhouse file for bankruptcy

National /
Aug.August 03, 2020 09:30 AM
Lord & Taylor and Men’s Wearhouse are just the latest big retail chains to file for bankruptcy (Lord and Taylor by Bruce Bennett/Getty Images; Men's Warehouse by Scott Olson/Getty Images)

Lord & Taylor and Men’s Wearhouse are just the latest big retail chains to file for bankruptcy (Lord and Taylor by Bruce Bennett/Getty Images; Men’s Wearehouse by Scott Olson/Getty Images)

Lord & Taylor and the owner of Men’s Wearhouse have fallen victim to the coronavirus, with the retailers filing for bankruptcy this weekend.

Lord & Taylor, a department store chain whose roots go back to nearly two centuries, was acquired last year by the clothing rental start-up Le Tote for $100 million. But both companies filed for Chapter 11 bankruptcy protection Sunday, the New York Times reported. The department chain operated 38 stores, which have been temporarily closed since March, according to the court filing.

Tailored Brands, which owns Men’s Wearhouse and JoS. A. Bank, also filed for bankruptcy on Sunday, with plans to eliminate its debt by at least $630 million. The filing comes shortly after the retailer announced plans to eliminate 20 percent of its corporate jobs and close up to 500 of its about 1,400 stores.

The apparel industry had been one of the most affected by the pandemic. Millions of Americans are unemployed or working from home, resulting in a massive drop in clothing sales. Tailored Brands reported that net sales had fallen by 60.4 percent in the three months that ended May 2, compared to a year ago.

Neiman Marcus, J. Crew, New York & Company, Brooks Brothers and J.C. Penney all filed for bankruptcy in recent weeks. Ascena Retail, which owns Ann Taylor and Lane Bryant, also sought Chapter 11 protection in late July. [NYT 1, 2] — Akiko Matsuda


Related Articles

arrow_forward_ios
Century 21 president Marc Benitez (LinkedIn; iStock)
Return of the retailer: Century 21 relaunches
Return of the retailer: Century 21 relaunches
State Sen. Brad Hoylman and State Assemblymember Harvey Epstein (Getty)
Lawmakers propose canceling restaurant rent, providing relief for landlords
Lawmakers propose canceling restaurant rent, providing relief for landlords
Columbia University
Columbia University inks deals with 2 restaurants
Columbia University inks deals with 2 restaurants
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
(iStock/Illustration by Kevin Rebong for The Real Deal)
Year from Hell: 80% of Brooklyn businesses saw revenue drop
Year from Hell: 80% of Brooklyn businesses saw revenue drop
Macerich CEO Thomas O'Hern and PJT Partners CEO Paul Taubman (Macerich, PJT)
Macerich taps PJT Partners for assistance
Macerich taps PJT Partners for assistance
Gucci at Trump Tower (Getty)
Gucci renews lease in Trump Tower
Gucci renews lease in Trump Tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...