The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
Discount chain Loehmann’s files Chapter 11
For the third time, 91-year-old retail chain Loehmann’s has filed for bankruptcy and this time the chain plans to sell to a group of liquidators, court papers show.
New York--For the third time, 91-year-old retail chain Loehmann’s has filed for bankruptcy and this time the chain plans to sell to a group of liquidators, court papers show.
Based in the Bronx, N.Y., Loehmann’s is a department store that sells designer fashions at discount prices, including merchandise from a number of fine jewelry and watch designers. Jewelry and watch brands carried by Loehmann’s include Bulgari, Baume & Mercier, Charriol, Raymond Weil and Scott Kay.
Frieda Loehmann started the store in Brooklyn in 1921. As of Tuesday, the chain consisted of 40 stores in 11 states plus Washington, as well as the retailer’s website, according to Loehmanns.com.
In its Chapter 11 bankruptcy petition filed Sunday in U.S. Bankruptcy Court for the Southern District of New York, the chain lists assets of $50 million to $100 million, but $100 million to $500 million in debt.
Loehmann’s also lists between 1,000 and 5,000 creditors, with the top 30 unsecured creditors mentioned by name in the petition.
Among the top 30 is Circa, a New York-based buyer and seller of watches, jewelry and diamonds.
According to court papers, Circa’s claim totals $191,998. Circa did not respond to an inquiry made Tuesday about the nature of its relationship with Loehmann’s.
The downfall of Loehmann’s, as with so many other retailers including competitors Daffy’s and Filene’s Basement, was Internet competition.
As Women’s Wear Daily stated, “Consumers determined that their business model of securing season-old merchandise and selling at up to 65 percent off (is) an old model. That’s because online competitors can offer the same discount for current season merchandise.”
Court papers state that Loehmann’s plan is to sell to SB Capital Group LLC, Tiger Capital Group LLC and A & G Realty Partners LLC, three companies that have handled other retailer liquidations. The deal is subject to the approval of the bankruptcy court.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.