NEW YORK (AP) — Loehmann's , a discount retailer which traces its roots back more than 90 years, will soon begin liquidating its inventory.
The New York-based retailer filed for bankruptcy protection in December due to limited access to capital and increased competition in the off-price retail niche. It was the company's third bankruptcy filing.
Loehmann's said Wednesday that a U.S. bankruptcy court has approved plans for a group of outside firms to conduct "Going Out of Business" sales at each of its 39 stores in 11 states.
The company said more than $65 million of inventory will be liquidated during the sale that begins Thursday.
Loehmann's went into business in 1921, when Frieda Loehmann opened the retailer's original store in Brooklyn. It is known for its "Back Room," where bargain shoppers search for designer clothes on the cheap.