Loehmann’s eyes comeback after disappearing nearly – Business News
Loehmann’s is eyeing a comeback on the web after disappearing nearly a decade in the past — and the storied retail model’s unlikely backer is former rival Century 21, The Post has discovered.
New York-based Century 21 quietly scooped up the Loehmann’s identify in 2020 — six years after Loehmann’s liquidated its chain with its third chapter submitting, in line with Century 21’s chief government Raymond Gindi.
Now, a one-page web site teases that “Loehmann’s is coming back. Online.”
Loehmann’s closed its shops in 2014 after its third chapter submitting. Penske Media by way of Getty Images
It additionally says the “Back Room is (almost) Back.”
The website, which additionally permits clients to submit an electronic mail tackle for future information, exhibits no indication that Century 21 is behind the launch.
“We are networking with a few partners to bring back a re-imagined Loehmann’s experience and will have more to share in the coming months,” Larry Mentzer, Century 21’s chief working officer, advised The Post.
Mentzer additionally stated there are discussions to open bricks and mortar Loehmann’s shops however added “nothing is confirmed.”
Back of their heyday, Century 21 and Loehmann’s have been fierce rivals in a area of interest of discounters who peddled designer duds together with Filene’s Basement, Daffy’s and Syms – which all succumbed to stiff competitors from the likes of greater, better-funded rivals like TJ Maxx and Ross Stores.
Nevertheless, clients nonetheless hanker for Loehmann’s, in line with Century 21.
An internet site asserting Loehmann’s imminent return quietly popped up not too long ago.
“Loehmann’s continues to rank high as a retail destination that consumers recall, admire [and] want to patronize,” Mentzer added.
The broiling tariff battle has not “factored into the decision-making process for re-launching “Loehmann’s – at this point,” Mentzer added, insisting that “product is definitely available.”
Both Century 21 and Loehmann’s thrived on the joys of the ‘treasure hunt’ wherein buyers dig via racks and bins of designer attire to seek out a gem within the tough.
But if the plans proceed, the century-old Loehmann’s model will leapfrog Century 21 digitally.
Century 21 filed for chapter and closed its shops in 2020 however reopened its flagship downtown two years later. Getty Images
At its peak Loehmann’s operated about 100 shops throughout the nation. New York Post
The latter doesn’t have an e-commerce website and is as a substitute centered on its flagship store at 22 Cortlandt St., which was broken and rebuilt after the World Trade Center assaults on Sept. 11, 2001, Mentzer advised The Post.
The Gindi household’s curiosity in Loehmann’s stems from its wider model recognition throughout the US, together with on the West Coast, sources stated.
“As other retailers contract,” Mentzer stated, that is “the time for a re-imagined Loehmann’s.”
The Gindi’s opened more than a dozen Century 21 shops over six many years. Dan Brinzac
Loehmann’s was based in Brooklyn in 1921 by Frieda Loehmann and her son Charles.
By the time it shut down in 2014 it had 39 shops nationwide, down from about 100 at its peak within the late Nineteen Nineties.
The chain was well-known for its ‘Back Room” the place buyers might discover designer manufacturers for much less than at conventional shops.
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At its apex, it leased the building that had housed the unique Barneys store at Seventh Avenue and West seventeenth Street.
Upon its 2014 liquidation, New York hedge fund Esopus Creek Advisors acquired the Loehmann’s identify in chapter courtroom for $750,000.
Another company bought the model earlier than the pandemic from Esopus however the identification of the company and buy price wasn’t revealed.
Century 21 is amongst a style of low cost shops that have been recognized for the “treasure hunt” purchasing expertise. Robert Miller
Century 21 then scooped up the Loehmann’s label for roughly $300,000, in line with sources aware of the deal.
Mentzer and Gindi declined to touch upon the price.
The 64-year-old Century 21 has had its share of drama over the previous a number of years, together with a chapter submitting in 2020 after which it closed its 13 shops in New York, Pennsylvania and Florida on the time.
The Gindi household blamed the submitting on a beef with their insurance coverage supplier, which didn’t pay out business interruption insurance coverage during the pandemic.
Century 21 was shuttered for 2 years and reopened its flagship store downtown in 2022.
