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Lord & Taylor, Tailored Brands file for bankruptcy

Lord & Taylor, Tailored Brands file for bankruptcy
Lord & Taylor opened its first store in New York in 1826 and was once a pillar in the high-end luxury clothing market. File Photo by Bill Greenblatt/UPI | License Photo

Aug. 3 (UPI) -- Lord & Taylor, the oldest department store in the United States, and the parent company of Men's Wearhouse and Jos. A. Banks have both filed for bankruptcy.

Lord & Taylor filed for bankruptcy in the Eastern Court of Virginia.

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In a message to customers, the company said its "searching for a new owner," less than a year after the luxury clothier was sold by the Hudson's Bay Company to French clothing rental company Le Tote.

Lord & Taylor is the oldest department store in the United States. It opened its first store in New York in 1826 and was once a pillar in the high-end luxury clothing market.

Houston-based Tailored Brands filed for Chapter 11 Sunday in the Southern District of Texas. The owner of the Men's Wearhouse and Jos. A. Banks reported in June that first-quarter sales had fallen 60% as buyers turned to online sales due to the COVID-19 pandemic.

Last month, Tailored Brands it announced it would cut 20% of its corporate workforce and close as many as 500 stores due to the health crisis.

The pandemic has troubled other retail clothiers in recent months, including Neiman Marcus and J.C. Penney, which filed for bankruptcy in May. Macy's has announced plans to close 125 stores and cut thousands of jobs.

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