Loehmann’s files for bankruptcy, plans sale to liquidators

Loehmann’s, the 92-year-old discount clothing chain, has filed for bankruptcy protection for a third time and said it is prepared to sell its assets to a group of liquidators. According to filings in the U.S. Bankruptcy Court in Manhattan, Loehmann’s Holdings Inc. tried last month to sell its businesses as a going concern. Instead, Loehmann’s board decided to pursue “a wind-down and liquidation process” in which the company will seek to sell its assets at a December 30 auction, a filing shows. Loehmann’s also said Chief Executive Steven Newman, who had held that job since June 2011, has left the company, and that it will remain “business as usual” for shoppers in its stores.    

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