One of the anchor stores at Eastview Mall is slated to close.
Lord & Taylor is just the latest in a string of major retailers filing for Chapter 11 bankruptcy protection since the coronavirus pandemic hit. A French rental clothing company called Le Tote, had purchased the Lord & Taylor chain just last year.
In its filing for bankruptcy protection, the company said it was grappling with expenses due to the acquisition as well as the fact the pandemic closed stores for a substantial period of time.
A number of other chains have filed for Chapter 11, including companies like J. Crew, Neiman Marcus, and just recently the company that owns Men’s Warehouse and Jos. A. Bank.
RIT Marketing Professor Emeritus, Gene Fram, says some traditional brick and mortar stores were already in trouble, and the pandemic just hastened that.
“So I think if you’re looking now, the big question is picking the survivors out of the classical retail stores that are available,” Fram said.
Lord & Taylor has announced at least 19 store closings with a half dozen of them in New York state. Store closing sales have started at those locations. There's no word yet what will happen to the Lord & Taylor space at Eastview after that store closes.