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.
Ray Wimer is an assistant professor of retail practice at Syracuse University’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.”
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