Loehmann's has filed for Chapter 11 bankruptcy protection. The company plans to liquidate assets before the end of the year. Reuters reports
that the discount clothing chain failed to sell its business last month after 39 prospective buyers examined its books.
Loehmann's Chairman Michael Appel said in a statement that, "increased competition in the off-price retail channel, coupled with limited access to capital, has severely impacted the company's financial position."
could be running liquidation sales early next month after it sells its assets to liquidators. The company has been in business for 92 years and has stores in about a dozen states.