Bankrupt Loehmann’s $16M inventory sale gets nod

TRD New York /
January 08, 2014 01:32 PM

Bankrupt department store Loehmann’s received the go-ahead from the U.S. Bankruptcy Court in Manhattan to sell its inventory for $16.4 million.

Liquidators Tiger Capital Group LLC and SB Capital Group LLC had the winning bid at last week’s auction to pay about 30 cents on the dollar for inventory valued at $51 million. Esopus Creek Value Series Fund LP also gained approval to acquire the store’s intellectual property and customer lists for $850,000.

“This is the proverbial melting ice cube,” Judge Martin Glenn said today, Bloomberg News reported. “Unless the sale takes place promptly, value will be lost.”

As part of the two-day auction, Midtown-based investment company Madison Capital acquired several unexpired leases formerly held by Loehmann’s, including 37,157 square feet in the Ansonia at 2101 Broadway that sources said was worth $7.5 million, The Real Deal reported. Loehmann’s filed for Chapter 11 bankruptcy protection on Dec. 15. [Bloomberg News]Mark Maurer


Related Article

arrow_forward_ios
10 Madison Square West (Credit: StreetEasy, iStock)

Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment

Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

130 Prince Street

Madison Capital buys Soho building for $206M

Blackstone-backed mortgage lender Stearns files for bankruptcy

arrow_forward_ios