Struggling to turn a profit amid the coronavirus pandemic, two more major retailers have filed for bankruptcy. Lord & Taylor, America’s first high-end department store, and Tailored Brands, the parent company of JoS. A. Bank, filed for Chapter 11 protection.
The two large retailers are the latest casualties of COVID-19, as economic shutdowns forced non-essential businesses to close their doors for months. Lord & Taylor was rumored to to be considering liquidating their 38 remaining department stores once businesses were permitted to reopen.
The Lord & Taylor in the mostly-demolished White Flint Mall on Rockville Pike was the only remaining store in the mall. The Lord & Taylor that had been in the Lakeforest Mall in Gaithersburg closed last year.
JoS. A. Bank issued a statement on Twitter addressing the decision to declare bankruptcy.
COVID-19 has changed a lot but it hasn’t changed our passion or commitment to our customers and teams. pic.twitter.com/5GvwLZkJE7
— Jos A Bank (@JosABank) August 3, 2020
Other major retailers who have already filed for bankruptcy this year include J. Crew, JCPenney, Neiman Marcus, Stage Stores, and Ascena Retail Group, which owns Lane Bryant in addition to Ann Taylor.
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