The year 2020 indeed brought about a series of unprecedented challenges and changes, including the untimely death of NBA star Kobe Bryant, the global coronavirus pandemic, and civil unrest following the murder of George Floyd. These events had profound effects on various aspects of society, including the economy and the retail industry.
One notable casualty of these economic challenges is Lord & Taylor, America’s oldest department store chain, which had been in business for nearly two centuries. Struggling in the face of the pandemic and shifting consumer preferences toward online shopping, the company ultimately filed for Chapter 11 bankruptcy. Initially, they had planned to keep fourteen locations open. However, due to the ongoing economic difficulties, they have decided to close all 38 of their stores in a desperate liquidation sale.