Dive Summary:
- Specialty retailer Loehmann's has announced plans for a nationwide liquidation sale on Thursday, following 92 years of business.
- On Jan. 7, a U.S. bankruptcy court approved a "Going out of Business" sale to be held at each of the 39 remaining Loehmann’s retail locations.
- Loehmann’s filed for bankruptcy protection in Dec. 2013 after failing to secure any substantial potential bids to buy-out the company.
Dive Insight:
The discount retailer had operated Loehmann’s store locations in more than 10 U.S. states prior to its bankruptcy protection filling, and now plans to liquate $65 million in inventory this week. The company cited declining economic conditions and an increased level of competition as the central factors which contributed to the iconic brick-and-mortar merchant’s ultimate demise.