Lord & Taylor Files for Chapter 11

Department store Lord & Taylor (New York) has filed for bankruptcy protection, according to The New York Times. The chain was acquired by Le Tote, a clothing rental startup, for $100 million.

Both retailers filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia yesterday. Lord & Taylor traces its roots to 1826, when Samuel Lord and George Washington opened a dry good store in Manhattan.