The last few years have not been kind to discount chains. First Filene’s Basement, then Syms, Daffy’s and now, Loehmann’s. According to reports, this is now the third time Loehmann’s has filed for bankruptcy, but it appears this was the final nail in the coffin, and there will be no restructuring this time — just a sell-off to liquidators. It really is a shame — companies like these really were great shopping destinations (and everyone here knows about our love for Daffy’s), but competition and poor business decisions have put them all out of business. Leaving bigger name companies aside, i.e., Off 5th, Last Call, etc… it’s interesting to note that the folks at Century 21 have clearly done something right because they continue to expand in the NY/NJ area.
Full story here.