After a turbulent 2020—marked by Kobe Bryant’s tragic death, the COVID-19 pandemic, and widespread civil unrest—many traditional retailers faced serious challenges. Among them, Lord & Taylor, America’s oldest department store, succumbed to economic pressures and announced the closure of all 38 of its locations.
The iconic brand, founded in 1824 as the first U.S. department store, was acquired by the French company Le Tote Inc. in 2019. Facing mounting financial struggles, Lord & Taylor filed for Chapter 11 bankruptcy, initially planning to keep 14 locations open. However, its decline had begun earlier, particularly after selling its Fifth Avenue flagship to WeWork, which Amazon later acquired.
