Pursuits
Loehmann’s to Slow Sale Process After Judge Balks
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Loehmann’s Holdings Inc., the New York-based seller of discounted designer goods controlled by Whippoorwill Associates Inc., agreed to alter a proposed sale timetable after a bankruptcy judge criticized it.
U.S. Bankruptcy Judge Martin Glenn in Manhattan today ordered changes to the sale agreement, under which Loehmann’s proposed to auction its assets with an opening bid of $19 million from a group of liquidators: SB Capital Group LLC, Tiger Capital Group LLC and A&G Realty Partners LLC. The retailer was seeking permission to hold an auction Dec. 30 with final approval of a sale by Jan. 2.