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Lord & Taylor Among Latest US Chains Declaring Bankruptcy
Upper-advanced
2020/08/04 13 :34
Today's Vocabulary
1.filed (v)
to officially record something, especially in a law court
2. bankruptcy (n)
inability to pay your debts, or a particular example of this, involving the sale of 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)
debts
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
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.
Resource: https://www.voanews.com/economy-business/lord-taylor-among-latest-us-chains-declaring-bankruptcy
Discussion
- What do you think when you read the headline?
- What springs to mind when you hear the word “bankrupt”?
- Is it dangerous for cities and countries to borrow money?
“When a political opponent resorts to the racist card, it's a sure sign of moral bankruptcy: there's no decent argument left in the armoury.”
“Many small businesses are doomed from day one, not from competition or the economy, but from the ignorance of their owners . . . their destiny is already decided because they have no idea how a business should be operated.”
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