Discount retailer Loehmann's files for bankruptcy
Bankruptcy
Discount retailer Loehmann's is filing for bankruptcy after its Dubai government-linked owner failed to reach a debt-extension deal with creditors.
Loehmann's says the Chapter 11 filing Monday in the U.S. Bankruptcy Court for the Southern District of New York is "pre-negotiated," meaning it could play out faster than a traditional bankruptcy filing.
Dubai's Istithmar World investment unit bought New York-based Loehmann's for $300 million in 2006. The 89-year-old retailer sells designer brands at discount prices in 15 states and the District of Columbia.
Istithmar is a subsidiary of troubled state conglomerate Dubai World.
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