Lord & Taylor, Men's Wearhouse owner file for bankruptcy

Andrew Cummings
August 3, 2020

Much of that activity has moved online.

Before announcing its intention to sell Lord + Taylor to Le Tote for $75 million last August, previous owner Hudson's Bay Company had struggled for some time to revive the mid-tier department store chain amid declining comps. In a separate court filing on Sunday Le Tote reported $253.5 million in annual revenue for 2019, Bloomberg said.

Lord & Taylor says it's looking for a buyer.

Tailored Brands, which owns Men's Wearhouse and Jos.

Last month, Brooks Brothers, the 200-year-old company that has dressed almost every US president, filed for bankruptcy protection.

The company hopes the bankruptcy filing will help alleviate its $630 million debt.

As of July 23, roughly 40 retailers, including big and small companies, had filed for Chapter 11 bankruptcy so far this year.

Although not marketed as a liquidation sale, Men's Wearhouse is offering up to 70% off on clearance items, while Jos.

Numerous companies that have filed for Chapter 11 in recent weeks were already struggling, but the forced closure of non-essential stores in March pushed them to the brink.

The chain joins a burgeoning list of department-store casualties tied to the virus, which turned malls into ghost towns. Since March, a number of major clothing retailers have been pushed into bankruptcy, including Brooks Brothers Group Inc., J.C. Penney Co., Neiman Marcus Group Ltd. and J.Crew Group Inc.

On July 27, Tailored Brands posted almost $287 million in sales during the first quarter, which ended May 2, a 60 percent drop compared with $724 million in the same period past year.

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