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FinancialsJan 07, 2014
Judge approves sale of Loehmann’s inventory, IP
A New York judge has approved the sale of bankrupt retailer Loehmann’s inventory and intellectual property following an auction that took place Friday and Saturday in New York.
New York--A New York judge has approved the sale of bankrupt retailer Loehmann’s inventory and intellectual property following an auction that took place Friday and Saturday in New York.
According to court papers filed Monday in U.S. Bankruptcy Court for the Southern District of New York, liquidators SB Capital Group LLC, Tiger Capital Group LLC and A & G Realty Partners LLC placed the winning bid for Loehmann’s inventory; furniture, fixture and equipment; accounts receivable; and cash.
Esopus Creek Value Series Fund LP won Loehmann’s intellectual property and customer lists.
Esopus holds shares in Secaucus, N.J.-based Trinity Place Holdings Inc., the name of the company that emerged from the post-bankruptcy restructuring of Loehmann’s competitor Syms Corp., owner of Filene’s Basement. Trinity Place holds the IP rights to the Filene’s Basement name as well as the retailer’s well-known “Running of the Brides” event.
According to court papers, Madison Capital Holdings LLC was the successful bidder for the debtors’ real estate interests, though Bloomberg reported Monday that negotiations concerning the retailer’s real estate are ongoing.
Bronx, N.Y.-based Loehmann’s, a 91-year-old retail chain that got its start in Brooklyn in the 1920s, filed for Chapter 11 bankruptcy protection on Dec. 15. It marked the third bankruptcy filing for retailer.
Loehmann’s sells designer fashions, including fine jewelry and watches, at discount prices. Brands carried by the department store chain include Bulgari, Baume & Mercier, Charriol, Raymond Weil and Scott Kay.
While the exact future of the Loehmann’s name and stores remains unclear, the retailer is busy clearing out merchandise.
According to its website, Loehmann’s is not accepting new online orders but is selling its already discounted merchandise for as much as 70 percent off at all 39 of its stores.
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