Lord & Taylor: Bankruptcy

New York (CNN Business) Becoming the latest of many retailers to declare bankruptcy during the coroanvirus pandemic, department store Lord & Taylor has filed for Chapter 11. The company filed for Chapter 11 bankruptcy protection Sunday, according to court documents. The bankruptcy comes almost a year after fashion rental subscription service Le Tote, Inc. bought the company for $75 million. Before that, Hudson's Bay Company acquired Lord & Taylor in 2012. Lord & Taylor opened its first store in New York in 1826, making it the nation's first department store. It was once a mainstay of high-end fashion.