It’s not likely the end of the road for the Loehmann’s brand name.
This story first appeared in the January 7, 2014 issue of WWD. Subscribe Today.
What form that new life takes remains unclear.
According to bankruptcy court records docketed on Monday, Esopus Creek Value Series Fund LP is the successful bidder for the Loehmann’s intellectual property assets and customer lists. Madison Capital Holdings won the bidding for the 39 store leases and a joint venture among SB Capital Group, Tiger Capital Group and A&G Realty Partners has acquired the inventory that will be liquidated, furniture and fixtures, accounts receivable and cash in a court-approved auction held on Friday and Saturday. The auction results are still subject to Manhattan bankruptcy court approval this afternoon.
Esopus is also a shareholder in Trinity Place Holdings Inc., the renamed firm following the restructured Syms/Filene’s Basement upon its exit from bankruptcy court. Trinity, primarily a commercial real estate holding company, owns the licensing rights to the Filene’s Basement trademark.
Loehmann’s Holdings Inc. filed a voluntary petition for Chapter 11 bankruptcy court protection in Manhattan last month. The off-pricer known for its penchant for designer brands is currently conducting going-out-of-business sales that are expected to conclude by the end of March.