As the pandemic rages on, another illness is seeping through our nation as well. An economic downturn unlike anything our country has ever seen is taking place all the while people are fearing for their health. The latest retail chain to feel the heat is Lord & Taylor and Mens Wearhouse.
Lord & Taylor, which is one of the oldest department stores in the United States, said the decision was made due to the "unprecedented strain" the coronavirus has had on their business. The retailer said they are trying to find a buyer for their stores.
Lord & Taylor has 38 department stores, mostly located in the Northeast. The stores have been closed down since March because of the pandemic. The company plans to hold liquidation sales when they are allowed to reopen.
Tailored Brands said they hope to remain open and emerge from bankruptcy stronger.
The coronavirus pandemic has taken a massive toll on the retail industry, with stores across the country forced to close down. Roughly 40 companies have filed for bankruptcy in 2020, surpassing the total number from all of last year.