New York City — The company filed for Chapter 11 bankruptcy protection on Dec. 15, 2013.
New York City — Loehmann’s, the upscale off-price specialty retailer, is going out of business after nearly 93 years. The U.S. Bankruptcy Court in Manhattan approved an order authorizing a joint venture formed by SB Capital Group LLC, Tiger Capital Group LLC and A&G Realty Partners to conduct “going out of business” sales at each of the company’s 39 locations.
Declining economic conditions in the retailer’s key markets of California, New York, Florida and the Midwest adversely affected Loehmann’s operations. The company’s performance was also impacted by intense competition from other off-price and outlet retailers, as well as e-commerce. In November, Loehmann’s tried to sell its business, but was unable to secure meaningful bids. On Dec. 15, 2013, Loehmann’s filed for Chapter 11 bankruptcy protection for the third time in its history.
In addition to the liquidation of merchandise inventories, fixtures and equipment from all 39 stores, the company’s Rutherford, N.J., distribution center will also be sold.
SOURCE: SB Capital Group LLC, Tiger Capital Group LLC and A&G Realty Partners