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09 January 2014

Loehmann's Going Out of Business, Forcing the Closure of Two Metro Atlanta Stores

After almost 93 years, Loehmann's, the premier upscale off-price specialty retailer that originated the concept, is going out of business.

Wednesday, 8 January, the U.S. Bankruptcy Court in Manhattan approved an order authorizing a joint venture formed by SB Capital Group, LLC, Tiger Capital Group, LLC, and A & G Realty Partners, to conduct "Going Out of Business" sales in each of Loehmann's 39 locations in 11 states and the District of Columbia. More than $65 million of current in-season inventory and new arrivals from many of the top designer names will be liquidated during the sale, which begins today.

Loehmann's has two locations in Georgia; one at 120 Perimeter Center Place and another at 2480 Briarcliff Road. Both are in Atlanta.

Loehmann's began operating in 1921 when Frieda Loehmann opened the first store in Brooklyn, N.Y. Declining economic conditions in the retailer's key markets of California, New York, Florida and the Midwest adversely affected Loehmann's operations. The company's performance was also impacted by intense competition from other off-price and outlet retailers, as well as the e-commerce channel. In November, Loehmann's tried to sell its business as a going concern, but was unable to secure meaningful bids. On December 15, 2013, Loehmann's filed for Chapter 11 bankruptcy protection for the third time in its history.

Loehmann's stores feature men's and women's designer apparel, shoes and accessories from such brands as Calvin Klein, Theory, Michael Kors, Max Studio, Tahari and Vince, with prices typically 30% to 65% lower than traditional retail. The "Going Out of Business" sales will offer discounts off these already low prices, with as much as 40% off the lowest, ticketed price on everything, including markdowns and clearance.

Both metro Atlanta Loehmann's stores will maintain their normal business hours during this special sale.