Tag Archives: Scott Bernstein

Loehmann’s sets sails for “Going Out of Business” sales


| mmcgoldrick@homereporter.com

It looks like local landmark Loehmann’s won’t make it to 100. The premier upscale off-price specialty retailer – just seven years short of a century old – has announced its official “Going out of Business” sale.

Loehmann’s first opened in Crown Heights in 1921 when Frieda Loehmann made her rounds to high-end designer showrooms, turning overstocks, cancellations and samples into a discount shopper’s paradise – with a wholesale price. Often called a trendsetter of a time where women rarely played that role, Loehmann’s detail-oriented approach to discount retail set the standard for an industry to come.

The store soon moved to its flagship Duryea Place location, just off Flatbush Avenue in the heart of that strip’s shopping district.

“There is no store quite like Loehmann’s,” said Scott Bernstein, COO of SB Capital Group. “During its more than 90 years in business, the Loehmann’s name became synonymous with great quality and value.”

On Tuesday, the U.S. Bankruptcy Court 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 the superstore’s 39 locations and 11 states across the country.

That includes its Sheepshead Bay outpost at 2807 East 21st St., which opened in the mid- 1990s, around the same time the store’s Duryea Place location shut its doors.

Loehmann’s also has locations in Chelsea and the Upper West Side in Manhattan, in the Riverdale section of the Bronx, and in New Hyde Park and Hewlett, Long Island.

It may be bittersweet, but savvy shoppers are about to be dealt more than just a sweet New Year’s sale.

“A sale of this nature in these stores will be historical,” said Bernstein. “With millions of dollars of inventory from some of the greatest names in fashion for women and men, the savings, even for Loehmann’s traditional customers, will be unprecedented.”

More than $65 million of current in-season inventory – as well as new arrivals – will be liquidated during the bittersweet “Going out of Business” sales, which begins Thursday, Jan. 9.

 

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