Chinanews.com, August 3, according to "Central News Agency", the United States' oldest luxury department store, Lord & Taylor, filed for bankruptcy protection on the 2nd and is the latest retailer to go bankrupt due to the impact of the new crown epidemic. Industry company.
According to documents submitted by Rod & Taylor to the Federal Bankruptcy Court for the Eastern District of Virginia, the company's assets and liabilities are estimated to be between 100 million and 500 million US dollars.
Large companies that have filed for bankruptcy protection in accordance with Chapter 11 of the US Bankruptcy Code include apparel retail group J. Crew, Jesse Penny and Niman Department Store.
In 2019, Le Tote, a fashion startup, bought Rod and Taylor from Hudson's Bay Company, the owner of the veteran boutique department store "Sachs Fifth Avenue", for US$71 million. Hudson's Bay Company still retains the ownership of some of the real estate of Rod & Taylor, and bears tens of millions of dollars in rent each year.
According to reports, the Rod & Taylor Company, founded by two British immigrants in the Lower East Side of New York City in 1826, is known as the oldest department store in the United States and one of the oldest department stores in the world. In 1914, Rod & Taylor opened a flagship store on Fifth Avenue, known for its high-end fashion boutiques and luxurious window displays.