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Loehmann's in Bankruptcy Again

Monday, December 16, 2013

Loehmann's Holdings, the Bronx-based parent company of the popular clothing discounter, is back in bankruptcy court, for the second time in three years.

 

The company filed for chapter 11 bankruptcy on Sunday, citing liabilities that could stretch into the hundreds of millions of dollars

In an email statement, the chairman of Loehmann's board said “increased competition in the off-price retail channel, coupled with limited access to capital," has eroded company finances.

Loehmann's was founded in Brooklyn in 1921.  The company has 39 stores, four of them in New York City.

The CEO, Steven Newman, has stepped down.

Loehmann's was founded in Brooklyn in 1921. 

 

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