Loehmann’s liquidation sales begin Thursday
Loehmann's originally started in Crown Height in 1921
Loehmann’s, a discount retailer which traces its roots back more than 90 years, says it will begin liquidating inventory Thursday.
The New York-based retailer tried unsuccessfully to sell its business in November and filed for bankruptcy protection in December, citing limited access to capital and increased competition in the off-price retail niche. It was the company’s third bankruptcy filing.
Loehmann’s said Wednesday that a U.S. bankruptcy court has approved plans for a group of outside firms to conduct “Going Out of Business” sales at each of its 39 stores in 11 states. The sales will include the liquidation of more than $65 million of inventory, according to the company.