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"Today, we announced our search for a new owner who believes in our legacy and values," Lord & Taylor wrote in a message to customers. "Part of our announcement also includes filing for Chapter 11 protection to overcome the unprecedented strain the COVID-19 pandemic has placed on our business."
The luxury department store founded in 1826 said it will continue to safely reopen its existing locations but has begun the process of closing 19 stores, according to a press release.
The stores are located in Farmington, Conn.; Bala Cynwyd, Penn.; Boston, Mass.; Bay Shore, NY; Northbrook, Ill.; Kensington, Md.; Novi, Mich.; Wayne, NJ; Boca Raton, Fla.; Fairfax, Va.; Danbury, Conn.; Buffalo, NY; Trumbull, Conn.; Natick, Mass.; Albany, NY; Syracuse, NY; Rochester, NY; Yonkers, NY and Columbia, Md.
Le Tote, which acquired Lord & Taylor for $75 million in 2019, has filed to continue its marketing process throughout the summer and obtained consent to use cash collateral from secured lenders to continue its operations and pay employees during the Lord & Taylor closing process.
Le Tote reported revenue of about $253.5 million in 2019, and the company currently employs 651 people. Le Tote has funded debt obligations of about $137.9 million, according to its filing.