Loehmann’s commences going-out-of-business sale Jan. 9

New York -- After almost 93 years, off-price specialty retailer Loehmann's is going out of business.



On Jan. 7, the U.S. Bankruptcy Court in Manhattan approved an order authorizing a joint venture formed by SB Capital Group, LLC, Tiger Capital Group, LLC, and A & G Realty Partners, to conduct "Going Out of Business" sales in each of Loehmann's 39 locations in 11 states and the District of Columbia.



More than $65 million of current in-season inventory and new arrivals will be liquidated during the sale, which begins Thursday, Jan. 9. The company said in a press release that declining economic conditions in the retailer's key markets of California, New York, Florida and the Midwest adversely affected Loehmann's operations. The company's performance was also impacted by intense competition from other off-price and outlet retailers, as well as the e-commerce channel. In November 2013, Loehmann's tried to sell its business as a going concern, but was unable to secure meaningful bids. On Dec. 15, 2013, Loehmann's filed for Chapter 11 bankruptcy protection.



Loehmann's stores are located in Connecticut, New York, New Jersey, Maryland, Virginia, Georgia, Florida, Michigan, Illinois, Texas, California and the District of Columbia.