Loehmann’s Files Again
Off-price retailer Loehmann’s filed for Chapter 11 bankruptcy protection in New York but expects to emerge from bankruptcy quickly thanks to a pre-negotiated agreement with creditors. The company has a $45 million line of credit and will continue operating as usual. The company, now owned by Dubai-based Istithmar World, filed for Chapter 11 in 1999 and emerged in 2000. The company was founded in 1921.
