Loehmann’s, the 92-year-old discount clothing chain, filed for bankruptcy protection in mid-December. The Bronx, New York-based company – a favorite for label conscious, bargain shoppers – listed assets of as much as $100 million and debt of as much as $500 million in a Chapter 11 petition filed in U.S. Bankruptcy Court in Manhattan.
The chain has 40 stores in 11 states according to their website, including the popular location in Beverly Hills at La Cienega and San Vicente.
The store is a favorite for many, including area New York transplants. Loehmann’s Board is attempting to wind down operations and liquidate assets so Loehmann’s shoppers might want to heed this advice:
“The headline should be: Anyone with a store credit better rush to the store before its sale motion is approved.” – U.S. Bankruptcy Judge Martin Glenn in Manhattan
Bloomberg News: Loehmann’s to Slow Sale Process After Judge Balks