Business
After nearly 200 years, US giant Lord & Taylor goes out of business – Sydney Morning Herald
Lord & Taylor, one of the country’s oldest department store chains, is going out of business after filing for bankruptcy earlier this month.
Founded as a dry goods store in 1826, Lord & Taylor has struggled for years as more people shop online and in other stores. But the pandemic has changed the way people shop, accelerated the shift to online shopping, mostly to the benefit of big retailers like Amazon, Target and Walmart.
Since COVID-19 began to spread in the US, several clothing sellers have gone bankrupt, including Brooks Brothers, Neiman Marcus and JC Penney.
Lord & Taylor was shrinking even before the pandemic.
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