Oldest Department Store In America Is Closing All Its Stores After 200 Years

The tumultuous year of 2020, marked by the tragic death of NBA star Kobe Bryant, was further marred by the coronavirus pandemic and civil unrest following George Floyd’s murder. As the economy faced challenges due to the pandemic, longstanding retailers struggled against the rising dominance of online platforms like Amazon. America’s oldest department store chain, Lord & Taylor, founded in 1824, is now set to close all 38 of its stores after nearly two centuries in business.

Lord & Taylor, known for its pioneering role as the first department store in the United States, filed for Chapter 11 bankruptcy in August 2020, initially planning to keep fourteen locations open. However, the economic pressures led to a change in strategy, and the decision was made to close all stores in a desperate liquidation sale. Last year, the French clothing company Le Tote Inc. acquired Lord & Taylor.

The closure of Lord & Taylor adds to the list of venerable American businesses facing economic fallout, including Brooks Brothers, J. Crew, J.C. Penney, Neiman Marcus, Stage Stores, Ann Taylor, and Lane Bryant. Brooks Brothers, another two-century-old company that had dressed numerous U.S. presidents, and Barneys New York, its longtime rival, also succumbed to bankruptcy.

The ongoing economic challenges, exacerbated by the pandemic, have led to the closure of historical businesses. The fate of these vacated spaces and the recovery of the economy remain uncertain, as traditional retailers grapple with the evolving landscape and online competition.

Related Posts

Eerie ‘ghost lake’ reemerges 130 years after vanishing

The lake has quickly swallowed up nearly 100,000 acres of land A lake in California has returned after 130 years and has taken a whopping amount of…

Middle school student accidentally discovers groundbreaking new cancer-fighting compound

The incredible discovery by Camarria Williams has impressed scientists. A middle school student has discovered a groundbreaking compound with the poo-tential to safeguard against cancer. Camarria Williams…

Couple who bought a Tesla each and drove around 500 miles per week left shocked after comparing their electricity bill

The husband and wife decided to ditch their gas cars in favor of two electric vehicles There are many reasons to buy an electric car, and the…

Serve says people who can’t afford to tip 20% “don’t deserve” to eat out at restaurants

A TikTok user has received some pretty intense backlash online after sparking a discussion about restaurant customers who dine lavishly at restaurants but don’t leave tips for the serving…

Starbucks employee breaks down crying after working 8 hour shift

A Starbucks barista recently went viral after posting a video of themselves in tears due to the stress of their working hours. In the video, the barista, who is also a student, expressed frustration with their…

Tesla driver leaves people shocked after breaking down his electricity bill after installing charger on his 120-year-old house

Here’s how installing a home charger and fuelling your Tesla from there impacts your electricity bills The cost of home charging your Tesla has been broken down…

Leave a Reply

Your email address will not be published. Required fields are marked *