Loehman’s has declared bankruptcy – again. Loehman’s told Crain’s New York Business that it is business as usual through the holidays despite the bankruptcy filing. But even if it clears the racks entirely, that won’t be enough to offset as much as $500 milion in liabilities, which is not good news for NYC shoppers.
The discount fashion retailer is asking for protection from creditors for the third time since 1999, to buy time to figure out how to compete with Century 21, another NYC discounter, national chains Marshall’s, TJ Maxx, and Nordstrom Rack, and low-priced chains from overseas, including Uniqlo and H&M.
Loehman’s has been in business since 1921. Will it go he way of NYC discounters Daffy’s, Syms and Filene’s Basement which went bye-bye recently? And the venerable Alexander’s, Orbach’s and EJ Korvette’s of my youth?
Click here for my ode to vanishing New York stores.