2020 proved to be a rough year for the United States, as it saw the unexpected ᴅᴇᴀᴛʜ of NBA star Kobe Bryant, the advent of the coronavirus pandemic, and civil upheaval following the murder of George Floyd. As the economy struggled to deal with the pandemic’s effects, traditional businesses faced a formidable challenge as consumers increasingly resorted to online purchasing platforms such as Amazon. Among these companies is Lord & Taylor, America’s oldest department store chain, which is set to close all of its locations after nearly two centuries in operation.
The Fall of a Retail Icon
Due to the economic constraints imposed by the epidemic, Lord & Taylor, which was sold to a French corporation last year, plans to close all 38 of its locations in a desperate liquidation sale. This represents a considerable departure from its previous decision, when it filed for Chapter 11 bankruptcy and chose to keep fourteen stores open.
Lord & Taylor’s historic history began in 1824, when it opened as a dry goods store in Manhattan, paving the way for the department store concept in the United States. The store continued to innovate for decades before being acquired by the French clothes brand Le Tote Inc. last year.
Lord & Taylor and Le Tote Inc. filed for bankruptcy in the Eastern Court of Virginia in August 2020, indicating their inability to adapt to the shifting retail scene.
A Changing Landscape
Even before the pandemic, Lord & Taylor was making strategic decisions. They sold their landmark Fifth Avenue business to the French, marking the end of their century-long tenure. Amazon later purchased the building, indicating the company’s entrance into Manhattan’s office space market.
