Luxury department store Lord & Taylor and the company that owns both Men’s Warehouse and Jos. A. Bank have announced plans to file for Chapter 11 bankruptcy protection. The stores join a growing list of retailers that have made similar moves this year in an effort to restructure finances in the middle of the COVID-19 crisis.
is an assistant professor of retail practice at ºÚÁϲ»´òìÈ’s Martin J. Whitman School of Management. He says the news is not surprising, but does believe the industry will continue to thrive.
Wimer says:
“The retail industry has been going through a structural change towards a fully integrated omnichannel experience. The pandemic has accelerated the pace of this change as many retailers only had e-commerce offerings for a few months.
“Many retailers were not prepared for this situation. The lack of revenue pushed the timing of many of these bankruptcies into this year. I have not been surprised about the retailers that have filed.
“The retail industry will continue to survive and thrive with fewer players.â€
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