Loehmann's files for bankruptcy for the 3rd time

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Associated Press

Posted on December 16, 2013 at 8:00 PM

Updated Monday, Dec 16 at 11:00 PM

NEW YORK (AP) — Discount retailer Loehmann's has filed for bankruptcy protection for the third time and plans to liquidate its business.

Loehmann's Holdings Inc. on Sunday filed for Chapter 11 bankruptcy protection and indicated in filings that it plans to sell its remaining assets in an auction under the court's approval.

The New-York based retailer, which has 39 stores and its online business, said in a statement that increased competition in the off-price retail niche, along with limited access to capital, hurt its finances and led to the filing.

Loehmann's traces its roots to 1921, when Frieda Loehmann opened the retailer's original store in Brooklyn. It is known for its "Back Room," where bargain shoppers search for designer clothes on the cheap.

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