Making the money required to pay off debts can be hard enough normally. In 2020, external pressures of all sorts have an impact on a company’s ability to stay afloat — no matter who they are or how long they have been around.
According to the New Jersey branch of Daily Voice, Lord & Taylor is doing what they can to consolidate their debt.
Filing for bankruptcy
Lord & Taylor, the oldest department store in the United States, announced the closure of 24 of its locations in the wake of its Chapter 11 bankruptcy. The bulk of the two dozen closed stores come from New York with seven locations. New Jersey sees three closing.
Sources site them pushed to their financial limits, though there are still five stores remaining in New Jersey. Officials report the retailer will offer liquidation prices as it continues to remain open where it can.
It is unknown if these closures are the last.
Using the tools at hand to stay in business
Despite being the oldest department store in the nation, Lord & Taylor struggles, just like more than 6000 other stores, with this new 2020 marketplace. From new procedures to government mandates, a company needs to do what it can to survive — which includes bankruptcy at times.
Luckily, bankruptcy is not a sign of failure. No matter how big a business is or how long it has been around, Chapter 11 bankruptcy provides individuals and companies the opportunity to breathe new life into their futures. The chance to stop creditors from taking legal action, consolidate debt into a cleaner payment plan and open up to new loans is an opportunity no company should disregard.