Loehmann's has returned to bankruptcy court for a third time — and likely the last.
The Bronx-based discount clothing retailer said it has filed for Chapter 11 bankruptcy protection, and said it has agreed to be acquired by a trio of liquidators.
In a late Sunday filing in US Bankruptcy Court in New York, Loehmann's said it had been operating under the weight of $100 million in debt, estimating its assets between $50 million and $100 million.
In court papers, Loehmann's said it has reached an agreement with liquidators: SB Capital Group, Tiger Capital Group and A&G Realty Partners, but didn't give further details.
The filing confirms The Post's exclusive report last week last week that Loehmann's was laying off workers at its headquarters and advising suppliers not to ship stores as executives weighed a bankruptcy.
The retail chain whose 39 stores nationwide were said to generate about $300 million in revenue last year, petitioned US Bankruptcy Judge Martin Glenn that it be allowed to continue accepting more than $1.5 million in gift cards it has issued to shoppers which haven't yet been cashed in.
As reported by The Post, Loehmann's has been propped up by Whippoorwill Associates, a turnaround firm that took control of the company after it emerged from Chapter 11 in early 2011.
At that time, former owner Istithmar, the Dubai-based sovereign-wealth fund that lost a bundle on its 2007 purchase of Barneys New York, surrendered ownership of Loehmann's but kept a minority stake.
For more than a year, insiders say cash from Whippoorwill has funded purchases of inventory and other operations, as so-called "factoring" companies that underwrite apparel shipments to retailers have refused to buy Loehmann's receivables.
Founded in Brooklyn in 1921 by Frieda Loehmann and her son Charles, the retailer succumbed to increasingly fierce competition with larger rivals led by TJ Maxx and Ross Stores.
Loehmann's had survived the Great Recession, even as other off-price competitors shuttered in recent seasons, among them Syms, Filene's Basement, Daffy's and Big M.
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