America's oldest department store. founded in 1826, heralded its \"fierce commitment" to preserving its brand in an ad in the Washington Post. But the storied retailer was down to its last $2.8 million After World I-.l'll'ar II, Lord St Taylor branched out into the suburbsr introduced the idea of personal shoppers and launched its distinctive logo. For all its glamorous history. the 194-year-old chain closed most of its 33 stores. Department-store chain Lord at Taylor kicked off its bankruptcy proceeding Monday with a full-page newspaper ad announcing its search for a new owner, but it has little time or money to reach a deal. Retailers that sell non-essential goods such as clothing have been crushed by the covIo-ie pandemic. San Francisco-based Gap, which operates nearly 2,300 stores in North America. said its company-operated stores in the region are open 1. Use the concepts of xed and variable costs to explain why lord :3: Taylor would close but Gap which is also operating at a loss is staying open. {