Loehmann’s Holdings and its affiliates announced that it has
completed its restructuring and has emerged from Chapter 11 bankruptcy proceedings. The company secured $45 million in exit
financing from Wells Fargo Bank, N.A. and Whippoorwill Associates Inc., as
agent for its discretionary funds and accounts.
CEO Jerald Politzer is stepping down and will be replaced by
the company’s COO and CFO Joe Melvin.
The company also announced that Arthur E. Reiner and Nancy
Ross have been appointed as independent members of the board of directors. Reiner
was named chairman of the board.
Reiner was previously chairman and CEO of Macy’s East. He
was also chairman and CEO of Finlay Enterprises. Reiner became a director of
New York & Co., and is currently chairman of the compensation
committee and a member of the corporate nomination and governance and audit committees.
Ross is founder and CEO of C-Suite Agenda. Ross has also
served as brand/marketing consultant to senior management, board, and CEOs, with
efforts in retail efforts of Citibank, Chase, KKR’s Primedia Educational
Division, and Scholastic.
To receive the latest jewelry news and blogs every day in
your inbox, subscribe to JCK’s e-newsletter here.