Updated Aug 3, 2020 - Economy & Business

Lord & Taylor files for bankruptcy

Pedestrians walk past a shuttered Lord and Taylor department store following their filing for bankruptcy amid the COVID-19 pandemic on May 12, 2020 in Garden City, New York.

Pedestrians walk past a shuttered Lord & Taylor department store in Garden City, New York, in May. Photo: Bruce Bennett/Getty Images

Lord & Taylor filed for Chapter 11 protection in Richmond, Virginia, on Sunday, Bloomberg first reported.

Why it matters: The 194-year-old luxury department store chain is the oldest in the United States. It's the latest retailer to declare bankruptcy during the coronavirus pandemic. Less than a year ago, Le Tote purchased Lord & Taylor from Hudson's Bay Co., the parent company of Saks Fifth Avenue. Le Tote also filed for Chapter 11 protection, per the New York Times.

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Editor's note: This article has been updated to reflect that Le Tote also filed for bankruptcy.

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