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Le Tote bought Lord & Taylor to save it, but both are bankrupt - Business Insider

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8-year-old clothing rental company Le Tote bought Lord & Taylor with a plan to save it from collapse. Now, both are bankrupt.

when then-seven-year-old clothing rental and resale startup Le Tote forked over $100 million to purchase department store chain Lord & Taylor.

"Digitally native brands reach a certain scale where you tap out on those early adopters, and you've got to go and find customers at scale," Brett Northart, cofounder and president of Le Tote,the Interactive Advertising Bureau's Direct Brand Summit in November. "Instead of trying to become an offline retailer, we thought it'd be interesting if we could take our prowess, expertise and technology and take Lord and Taylor's iconic brand and loyal customer base ...

for its most profitable stores and could close all of its locations if it does not find one. It has already kicked off liquidation sales at 19 stores in 10 states. "Today, we announced our search for a new owner who believes in our legacy and values," the message says. "This strategy is part of our fierce commitment to preserve a nearly 200-year-old brand that has served local communities and loyal customers for generations."

 

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