bankruptcy and plans to liquidate its business.
Loehmann's Holdings filed for
Chapter 11 bankruptcy protection in federal
bankruptcy court in Manhattan this past Sunday
(December 15, 2013). They indicated in filings that
it plans to sell its remaining assets in an auction
subject to the court's approval.
The New-York based retailer,
which has 39 stores and its online operations, said
in a statement that its business was effected by
increased competition in the off-price retail niche
and limited access to capital.
The company had previously filed
for bankruptcy protection in 2010 due to
overwhelming debt and emerged in 2011. It also filed
for Chapter 11 reorganization in 1999, emerging in
2000 after closing 25 stores.
SB Capital Group, Tiger Capital
Group and A & G Realty Partners, which have handled
other retailer liquidations, have agreed to make an
initial bid of $19 million for Loehmann's assets,
according to court documents. The auction is
expected to begin Dec. 30 and be approved by the
court in early January.
More than 87 years after opening its first off-price
apparel store in Brooklyn, NY,
Loehmann's continues to distinguish itself as a
preeminent, upscale, off-price specialty retailer for name
brand designer fashions.
Couture and designer fashions
plus current, in-season merchandise and frequent new
arrivals, all at prices 30% to 65% less than department
store prices, still serve as hallmark features of Loehmann's,
attracting generations of fashion-savvy women and men to a
shopping experience unlike any other.
Loehmann's carries a wide spectrum of looks favored by
customers with classic to contemporary lifestyles. Store
departments include ladies sportswear, dresses, career and
casual collections; shoes, accessories including handbags
and jewelry plus men's, juniors and children's.
Loehmann's continues to feature its famous “Back Room"
where shoppers are privy to a select yet ever changing and
surprising array of high end designer and couture clothing
at lower prices. With an exclusive selection of colors and
sizes represented, the thrill of “getting a deal" on
something special and unique is as exciting today as it was
when Frieda Loehmann started the Company in 1921.
Now, more than 60 stores strong in 16 states, the stores
are filled with collections from today's top designer names
such as Calvin Klein, Diane Von Furstenberg, Kenneth Cole,
Dolce & Gabbana, Valentino, Nicole Miller, Anne Klein, Donna
Karan, Michael Kors and more! Loehmann's has grown to
include a large flagship store in Manhattan and one in
Beverly Hills, as well as a “Size Search" in-store service
that helps find and ship appropriate sized items to
customers; plus, in select large stores, free personal
Loehmann's also has an Insider Club for their customers,
which gives members extra savings opportunities, advance
notice of sales and new designer arrival updates. Plus,
Insider Club Gold members enjoy additional exclusive
benefits, including 10% off purchases every day for a low
annual fee of $25.
Have you seen Loehmann's lately? It's where fashion and
common sense meet. The designer names and selections are
constantly changing, but one thing remains the same...
Loehmann's low discount prices!
Loehmann's Hot Trends and read the