Loehmann’s, a once-prominent retailer of discount clothing and accessories, including jewelry, filed for Chapter 11 on Dec. 15 and hopes to sell its assets.
This is the third time the company has filed for Chapter 11 in the last few decades. It filed for the first time in 1999, exiting in 2004. Then it filed again in Nov. 2010 and exited in Dec. 2012.
The company’s filing includes mention of a “definitive agreement to sell substantially all of the [its] assets to a third party purchaser.”
The 92-year-old company, based in New York City, operates 39 stores in 11 states and Washington D.C., in addition to loehmanns.com.
Loehmann’s is only one of a number of discount retailers to experience hard times recently. Both Syms and Filene’s Basement have gone out of business in recent years.