America’s oldest department store is going out of business, and the shake-out won’t end here

In nearly two centuries of operation, Lord & Taylor has survived a lot. However, the oldest department store chain in the U.S. – tracing its lineage to a dry goods store that opened in New York City in 1826 – was already on death’s doorstep a year ago. By that time, Lord & Taylor was experiencing steady sales declines, and earnings before interest, taxes, depreciation, and amortization (EBITDA) had turned negative. As a result, former parent Hudson’s Bay effectively paid fashion rental start-up Le Tote to take Lord & Taylor off its hands.

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