After nearly 200 years, US giant Lord & Taylor goes out of business

The retailer was sold just a year ago for $US100 million to Le Tote, a San Francisco online clothing rental company, by Canadian parent Hudson's Bay Co.Lord & Taylor will permanently close its remaining 38 stores and shut down its website, the company said. It is currently holding going out of business sales in stores and online.

"While we are still entertaining various opportunities, we believe it is prudent to simultaneously put the remainder of the stores into liquidation to maximise value of inventory for the estate while pursuing options for the company's brands," Ed Kremer, Lord & Taylor's chief restructuring officer said in a statement.Founded as a dry goods store in 1826, Lord & Taylor has struggled for years as more people shop online and in other stores.

Since COVID-19 began to spread in the US, several clothing sellers have gone bankrupt, including Brooks Brothers, Neiman Marcus and JC Penney.

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