In this Jan. 2, 2019, file photo, women peer in the front door of Lord & Taylor's flagship Fifth Avenue store which closed for good in New York. New York landmark retailer Lord & Taylor has filed for bankruptcy, joining a growing list of retailers flummoxed by the pandemic. (AP Photo/Kathy Willens, File)
Lord & Taylor, America's oldest retailer, is seeking bankruptcy protection, as is the owner of Men's Wearhouse and Jos. A. Bank, lengthening the list of major retail chains that have faltered in the pandemic.
Household names, many longtime anchors in malls nationwide, were already struggling to keep up with a radical reformation in what people buy, and where they buy it. Much of that activity has moved online.
Thousands of store closures forced by the arrival of COVID-19 has proved too much.
Lord & Taylor, which began as a Manhattan dry goods store in 1824, was sold to the French rental clothing company Le Tote Inc. last year. Both filed for bankruptcy protection, separately, in the Eastern Court of Virginia on Sunday.
Lord & Taylor says it's looking for a buyer.
The company last year, before the emergence of coronavirus, sold its 11-story flagship building on New York's Fifth Avenue which it's owned for more than a century.
Tailored Brands, which owns Men's Wearhouse and Jos. A. Bank stores, was struggling even before shelter-in-place orders smothered any demand for suits or ties. It wasn't alone.
Last month, Brooks Brothers, the 200-year-old company that dressed nearly every U.S. president, filed for bankruptcy protection. Its rival, Barneys New York, is being dismantled after filing for bankruptcy last year.
Tailored Brands filed for Chapter 11 protection Sunday in the Southern District of Texas.
Men's Wearhouse and Jos. A. Bank stores, along with K&G Fashion Superstore and Moores Clothing for Men, all owned by Tailored, with continue to operate during restructuring. The company expects to reduce it's funded debt by at least $630 million.
Dozens of retailers, big and small, have filed for Chapter 11 protection this year. The pace through the first half of 2020 far exceeds the number of retail bankruptcies for all of last year. About two dozen stores have sought bankruptcy protection since the pandemic started.
Others include J. Crew, J.C. Penney, Neiman Marcus, Stage Stores, and Ascena Retail Group, which owns Lane Bryant in addition to Ann Taylor.
Joe Cecela, Dream Exchange CEO, explains how they are aiming to form the first minority-controlled company to operate an exchange in U.S. history. Watch!
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
