Loehmann's To Shed $115M In Debt In Ch. 11

Law360, New York (November 15, 2010, 11:39 AM EST) -- Discount retailer Loehmann's Holdings Inc. filed for Chapter 11 bankruptcy protection Monday, saying it planned to embark on a financial restructuring that would shed $115 million in debt and preserve 1,900 jobs.

The company filed its petition in the U.S. Bankruptcy Court for the Southern District of New York. Loehmann's blamed its declining financial fortunes on the economic conditions in several of its key markets, including California, the Northeast, the Midwest and Florida.

Its petition listed both assets and liabilities of between $100 million and $500...
To view the full article, register now.