It's only three days into August and it's already time for more tales of the Retail Apocalypse and pandemic. ABC News has the story in Retail rout gains pace, Lord & Taylor seeks bankruptcy.
Lord & Taylor, America's oldest retailer, is seeking bankruptcy protection, as is the owner of Men’s Wearhouse and Jos. A. Bank, lengthening the list of major retail chains that have faltered in the pandemic.Reuters has more on Lord & Taylor in Lord & Taylor: latest retail casualty of pandemic.
Household names, many longtime anchors in malls nationwide, were already struggling to keep up with a radical reformation in what people buy, and where they buy it. Much of that activity has moved online.
Thousands of store closures forced by the arrival of COVID-19 has proved too much.
The oldest U.S department store chain, Lord & Taylor is the latest fashion retailer to file for bankruptcy on Sunday, joining a growing list of names during the coronavirus outbreak that has crippled the retail sector.Like many of the other retail chains filing for bankruptcy, Lord & Taylor's troubles did not come as a surprise. WXYZ in Detroit uploaded Lord & Taylor is latest big name retailer reportedly bracing for bankruptcy three months ago.*
Big name retailers are taking a big hit amid the coronavirus pandemic. Neiman Marcus is nearing bankruptcy, J-Crew filed Monday and now the latest to reportedly file for bankruptcy is Lord & Taylor.It's not an accident the reporter was on location in Novi; the one remaining Lord & Taylor store in Michigan is in the Twelve Oaks Mall. There used to be one in Briarwood Mall in Ann Arbor, but a Von Maur occupies that spot now. Both malls have lost their Sears, so each has a vacant anchor. When Lord & Taylor liquidates, Twelve Oaks will have two.
ABC News has more on Tailored Brands, the parent company of Men's Wearhouse and Jos. A. Bank.
Tailored Brands, which owns Men’s Wearhouse and Jos. A. Bank stores, was struggling even before shelter-in-place orders smothered any demand for suits or ties...Tailored Brands filed for Chapter 11 protection Sunday in the Southern District of Texas.News of store closings preceded the bankruptcy filing, which ABC10 in Sacramento reported in last week's Men's Wearhouse closing stores as demand for suits drops | Business Headlines.
Men’s Wearhouse and Jos. A. Bank stores, along with K&G Fashion Superstore and Moores Clothing for Men, all owned by Tailored, with continue to operate during restructuring. The company expects to reduce it's funded debt by at least $630 million.
As I've quipped three times already, "I guess no one needs a business suit when they work from home and conduct business over Zoom." Also, I admit I've been avoiding discussing the issues with the Boeing 737 Max just like I've been skipping over the Hertz bankruptcy. I've been confining my covering of travel to driving updates, but maybe it's time to look at air travel, hotels, and car rentals as well.
Before I go, ABC News also reported that Ascena Retail Group, parent company of Ann Taylor, LOFT, Lane Bryant, Lou & Grey, Catherines, Cacique, Justice, and Dressbarn filed for bankruptcy recently. I'll have to report on that as well. Stay tuned.
*I can never resist a local angle, especially when it makes the local outlet look good.