Lord & Taylor is exploring filing for bankruptcy protection after it was forced to temporarily shut all of its 38 U.S. department stores in the wake of the coronavirus outbreak, people familiar with the matter said on Monday.
FILE PHOTO: The Lord and Taylor logo is pictured during Black Friday shopping in New York City, New York, U.S., November 23, 2018. REUTERS/Carlo Allegri
The sources requested anonymity because the deliberations are confidential. Lord & Taylor did not immediately respond to a request for comment. A Le Tote spokeswoman said Lord & Taylor is working through various options and declined to comment further. A representative for Hudson’s Bay, based in Canada, declined to comment.
As part of the deal last year, Hudson’s Bay also secured an ownership stake in Le Tote and two seats on the company’s board. Hudson’s Bay representatives have since stepped down from the board, one of the sources said.
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