Luxury department store chain Lord & Taylor is going out of business.
The company, which was acquired in 2019 by fashion rental subscription service Le Tote, said Thursday that it would close all of its 38 stores. The retailer had filed for Chapter 11 bankruptcy protection Aug. 2 in a move that analysts viewed as a likely step toward liquidation.
Lord & Taylor is one of several department stores that have filed for bankruptcy in recent months, including J.C. Penney, Neiman Marcus and Stein Mart.
J.C. Penney and Neiman Marcus are planning to stay in business, while Stein Mart is liquidating.