By ABC News
(NEW YORK) — Lord & Taylor has become the latest retailer to file for bankruptcy as the coronavirus pandemic has wreaked havoc on retail chains and sales around the country.
The company filed for bankruptcy protection in the Eastern Court of Virginia on Sunday.
“Today, we announced or search for a new owner who believes in our legacy and values,” the company said in a statement on its website. “Part of our announcement also includes filing for Chapter 11 protection to overcome the unprecedented strain the COVID-19 pandemic has placed on our business.”
Just last year Lord & Taylor sold its flagship building on New York City’s Fifth Avenue after more than a century in the 11-story building.
“Thank you for your support, now more than ever,” the statement continued. “Our mission is to continue to serve you, your family and your community for generations to come.”
Copyright © 2020, ABC Audio. All rights reserved.