Dive Summary:

• Discount apparel retailer Loehmann’s has filed for bankruptcy protection following an unsuccessful attempt to seek an outside buyer in November, reports Chain Store Age.
• Loehmann’s announced it plans to liquidate all of the remaining assets for the company at an auction scheduled for Dec. 30.
• The announcement from Loehmann’s marks the third bankruptcy protection filing in the company’s 92-year history.

Dive Insight:

Loehmann’s chairman Michael Appel stated that "increased competition in the off-price retail channel, coupled with limited access to capital, has severely impacted the company's financial position." In addition to the company’s recent bankruptcy filing, Loehmann’s also announced that CEO Steven Newman has resigned.