Lord & Taylor Reportedly Is Latest Retailer Exploring Bankruptcy Protection [TheStreet.com]
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Source: TheStreet.com
Venerable department store Lord & Taylor is exploring filing for bankruptcy protection following the shuttering of all its 38 U.S. department stores in the wake of the coronavirus outbreak and accompanying full-stop in economic activity.Citing people familiar with the matter, Reuters reported that bankruptcy was one of several options the retailer is exploring amid the ongoing pandemic, which has been particularly hard on retailers amid stay-at-home orders across the country and the economic shutdown that has left millions unemployed and financially struggling.Lord & Taylor executives are also in discussions with creditors on negotiating relief from creditors and sourcing additional financing. While businesses grappling with the economic fallout from the pandemic have tapped government funds as part of a $2.3 trillion stimulus program, most retailers have not been eligible for aid.Fashion rental service start-up Le ToteacquiredThe news follows other retailerswho are also weighing bank
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