US department store chain Lord & Taylor is exploring filing for bankruptcy protection after it was forced to temporarily shut all of its 38 U.S. department stores in the wake of the coronavirus outbreak. It is one of several options that the retailer and its advisers are exploring, which also include trying to negotiate relief from creditors and finding additional financing, some of the sources said, adding that no final decisions have been made. The retailer was forced to let go most of its staff, including people from the executive team.

Fashion rental service start-up Le Tote acquired Lord & Taylor last year from Saks Fifth Avenue owner Hudson's Bay Company, which kept ownership of some of Lord & Taylor's real estate and assumed responsibility for its rent payments. A Le Tote spokeswoman said Lord & Taylor is working through various options and declined to comment further, while a representative for Hudson's Bay declined to comment.

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