RETAIL
Loehmann’s to Close All Stores
After 93 years in business, off-price retailer Loehmann’s is closing.
SB Capital Group LLC, Tiger Capital Group LLC and A & G Realty Partners were given approval to form a joint venture to conduct liquidation sales of more than $65 million in merchandise at the 39 Loehmann’s locations in 11 states and the District of Columbia.
The retail chain got its start in 1921 when Frieda Loehmann began selling overstock cancelled orders and samples from designers’ showrooms at her store in the Crown Heights section of Brooklyn, N.Y. At one point, the chain had grown to more than 75 stores. The company had struggled over the years, changing ownership and filing and emerging from bankruptcy twice. Loehmann’s filed for bankruptcy for a third time on Dec. 15 and announced plans to shutter on Jan. 8.
