--Shoppers can seize once-in-a-lifetime discounts on men's and
women's designer clothes
After almost 93 years, Loehmann's, the premier upscale off-price
specialty retailer that originated the concept, is going out of business.
The U.S. Bankruptcy Court in Manhattan
approved an order authorizing a joint venture formed by SB Capital Group, LLC,
Tiger Capital Group, LLC, and A & G Realty Partners, to conduct "Going
Out of Business" sales in each of Loehmann's 39 locations in 11 states and
the District of Columbia. More than $65 million
of current in-season inventory and new arrivals from many of the top designer
names will be liquidated during the sale, which begins tomorrow, January 9.
Loehmann's began operating in 1921 when Frieda
Loehmann opened the first store in Brooklyn,
N.Y. Loehmann made her rounds to designer's showrooms, buying their
overstocks, cancellations and samples at a fraction of the original wholesale
price. A trendsetter at a time when women rarely assumed that role, Frieda Loehmann's forward thinking and innovative
approach to retail set the standard for what became an entire industry.
The "Back Room" was a Loehmann's exclusive, featuring
American and European designer selections from the best names in the business,
all at bargain prices. The legendary Back Room was a favorite fashion
destination for generations of stylish women.
More recently, declining economic conditions in the retailer's
key markets of California, New York, Florida and
the Midwest adversely affected Loehmann's operations. The company's performance
was also impacted by intense competition from other off-price and outlet
retailers, as well as the e-commerce channel. In November, Loehmann's tried to
sell its business as a going concern, but was unable to secure meaningful bids.
On December 15, 2013, Loehmann's filed for Chapter
11 bankruptcy protection for the third time in its history.
Loehmann's stores feature men's and women's designer apparel,
shoes and accessories from such brands as Calvin Klein,
Theory, Michael Kors, Max Studio, Tahari and Vince, with prices typically
30% to 65% lower than traditional retail. The "Going Out of Business"
sales will offer discounts off these already low prices, with as much as 40%
off the lowest, ticketed price on everything, including markdowns and
Daniel Kane, Managing Partner of Tiger
Group, said, "We invite the public to shop early to get the best deals on
a wide range of current designer merchandise at liquidation prices. New
inventory will be arriving daily from Loehmann's distribution center, assuring
shoppers an incredible selection."
Scott Bernstein, COO of SB Capital Group,
said, "There is no store quite like Loehmann's. During its more than
90 years in business, the Loehmann's name became synonymous with great quality
and value. A sale of this nature in these stores will be historical. With
millions of dollars of inventory from some of the greatest names in fashion for
women and men, the savings, even for Loehmann's traditional customers, will be
Loehmann's stores are located in Connecticut,
New York, New Jersey,
and the District of Columbia. For a list of
locations, go to: http://www.loehmanns.com/locationEventMapping.aspx. All
stores will maintain their normal business hours during this special sale. Cash
and major credit cards will be accepted.
In addition to the liquidation of merchandise inventories, fixtures
and equipment from all 39 stores as well as the company's Rutherford, N.J. distribution center will be sold.
Loehmann's stores range from 15,000 to 60,000 square feet in size, and average
28,000 square feet.
About Tiger Group
Tiger Group provides asset valuation, advisory and disposition
services to a broad range of retail, wholesale, and industrial clients. With
over 40 years of experience and significant financial backing, Tiger offers a
uniquely nimble combination of expertise, innovation and financial resources to
drive results. Tiger's seasoned professionals help clients identify the
underlying value of assets, monitor asset risk factors and, when needed,
provide capital or convert assets to capital quickly and decisively. Tiger's
collaborative, straight-forward approach is the foundation for its many
long-term 'partner' relationships and decades of success. Tiger operates main
offices in Boston, Los
Angeles and New York. To learn more about
Tiger, please visit www.TigerGroup.com.
About SB Capital Group, LLC
SB Capital Group, a Schottenstein affiliate, is a leader in the
field of asset recovery, rescue finance, restructuring and strategic store
closing events. As equity stakeholders in businesses comprising sectors
as diversified as retail enterprises, consumer products, franchising, licensing
and real property, SB Capital Group leverages resources and depth of experience
to provide services with applicability across a wide spectrum of
industries. Recognized worldwide as a trusted partner for businesses and
professionals, SB Capital Group adds value to high level strategic planning as
well as day-to-day operations. Our participation in transactions that
span the globe has solidified our reputation as one of the most creative and
innovative financial service and asset realization firms in existence today. To
learn more, please visit www.sbcapitalgroup.com.
About A & G Realty Partners
With a combined 50 years of commercial real estate experience,
the Partners at A&G have represented over three hundred and fifty
retailers, achieved hundreds of millions of dollars in rent savings for over
10,000 locations, terminated, subleased or sold over 6,000 leases and fee owned
properties, and strategized and managed many of the high profile disposition
and rent reduction projects in the country. Services include: Real estate
strategy, lease dispositions, lease renegotiations, optimization of retail
property portfolios, valuations and acquisitions. Our goal is to deliver
innovative solutions that generate the highest possible value or savings for
our clients' real estate portfolio. For additional information, please visit www.agrealtypartners.com.
SOURCE SB Capital Group, LLC; Tiger Capital Group, LLC; A &
G Realty Partners