A Mission Valley store is among 39 being closed nationwide by New York-based retailer Loehmann’s, which is going out of business after filing for Chapter 11 bankruptcy protection.
The off-price seller of men’s and women’s clothing and related accessories is shuttering all of its stores across 11 states, where it has begun going-out-of-business sales. The local store is at 1646 N. Camino Del Rio, Suite 1442, in the Westfield Mission Valley mall.
Loehmann’s was founded in 1921 and filed for Chapter 11 bankruptcy protection in mid-December, the third time in its history. The company has been struggling for the past several years, especially in its key markets of California, New York and the Midwest.
A company statement said 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 nationwide liquidations of more than $65 million in inventory.
In November, Loehmann's tried to sell the business as a going concern, but was unable to secure feasible bids.