After failing to find a bidder, bankrupt Loehmann's says that it will close its 40 discount stores and disappear after 92 years in business.
The company filed Chapter 11 bankruptcy on December 15, and is being bought by three liquidation firms for $19 million. The company is currently owned by turnaround firm Whippoorwill Associates Inc.
Loehmann's demise follows that of Daffy's and Filene's Basement in recent years. It is a competitor of such chains as Ross and TJ Maxx.
Loehmann's was founded more than 90 years ago by Frieda Loehmann and her son, Charles, opening its first store in Crown Heights, Brooklyn in 1921.
The company has listed $50 million to $100 million in assets and $100 million to $500 million in debts, according to court papers.