Lord & Taylor Among Latest US Chains Declaring Bankruptcy


U.S. department store chain Lord & Taylor filed for Chapter 11 bankruptcy Sunday, joining a list of major brands in the country that have sought to reorganize their operations as the coronavirus pandemic heavily affects retail sales. 

Lord & Taylor is one of the oldest department store operators in the world, and like many of the companies that have filed for bankruptcy this year it was already struggling before the pandemic hit due to a shift in consumer habits from shopping mostly in stores to online shopping. 

In its bankruptcy filing, the company listed assets and liabilities between $100 million and $500 million. 

A company that files for Chapter 11 bankruptcy under U.S. law usually intends to continue operating and proposes a plan to reorganize its business and pay its creditors. 

Other sectors have also been hit by the changing habits of consumers, with lockdown orders stifling travel and forcing places like restaurants and gyms to temporarily close their doors to try to stop the spread of the virus. 

Rental car giant Hertz filed for Chapter 11 bankruptcy, and in the fitness category, gym chains 24 Hour Fitness and Gold’s Gym did as well, along with vitamin and supplement retailer GNC. 

Today's Vocabulary

1. filed (v)
to officially record something, especially in a law court

2. bankruptcy (n)
the inability to pay your debts, or a particular example of this, involving the sale of your property or some other arrangement to pay as much as possible of the money you owe

3. struggling (adj.)
unsuccessful but trying hard to succeed

4.  liabilities (n) 

5. stifling (adj.) 
preventing something from happening

6. assets (n) 
something valuable belonging to a person or organization that can be used for the payment of debts

  1. What is the name of one of the oldest department store operators in the world?

  2. What does the company listed during the filing of bankruptcy?

  3. Aside from Lord & Taylor , what other companies declared bankruptcy?

  4. What has the US department store chain Lord and Taylor filed for?
  1. What springs to mind when you hear the word “bankrupt”? 

  2. Is it dangerous for cities and countries to borrow money?

  3. How does a company become bankrupt?

  4. What would you do if you went bankrupt?

  5. How are companies doing in your country during the pandemic?