Written by Illustrated News Staff email@example.com Friday, 17 January 2014 00:00
After almost 93 years, Loehmann’s in New Hyde Park, an upscale off-price specialty retailer that originated the concept, is going out of business.
Yesterday, the U.S. Bankruptcy Court in Manhattan approved an order authorizing a joint venture formed by SB Capital Group, LLC, Tiger Capital Group, LLC, and A & G Realty Partners, to conduct “Going Out of Business” sales in each of Loehmann’s 39 locations in 11 states and the District of Columbia. More than $65 million of current in-season inventory and new arrivals from many of the top designer names will be liquidated during the sale, which begins Jan. 9. Loehmann’s is located at 1550 Union Turnpike in the Lake
Success Shopping Center.
Loehmann’s began operating in 1921, when Frieda Loehmann opened the first store in Brooklyn, NY. Loehmann made her rounds to designer’s showrooms, buying their overstocks, cancellations and samples at a fraction of the original wholesale price.
Declining economic conditions in the retailer’s key markets of California, New York, Florida and the Midwest adversely affected Loehmann’s operations. The company’s performance was also impacted by intense competition from other off-price and outlet retailers, as well as the e-commerce channel. In November, Loehmann’s tried to sell its business, but was unable to secure meaningful bids. On Dec. 15, 2013, Loehmann’s filed for Chapter 11 bankruptcy protection for the third time in its history.
Last Updated (Wednesday, 27 August 2014 09:07) Saturday, 30 August 2014 00:00
Drivers—get ready to slow down. Nassau County is currently in the process of installing school zone speed cameras in an effort to enhance safety by encouraging drivers to travel with caution, as well as support law enforcement efforts to crack down on violators and prevent accidents caused by speeding.
Nassau County officials say Sewanhaka High School will receive a camera on Covert Avenue, which spans the eastern stretch of the property. Tulip Avenue runs in front of the high school and was also considered. Cameras could begin operation in September.
Last Updated (Wednesday, 27 August 2014 09:06) Friday, 29 August 2014 00:00
The Village of New Hyde Park finished its Operation Main Street project just in time, because the town’s eligibility for federal funds is shrinking, officials announced last week.
“The qualifications revolve around money,” trustee Donald Barbieri said. “Like how much income is being earned by people in the area. I guess as seniors move on, you can’t buy an [expensive home] and it changed the demographic, shrinking our eligible area.”
Thursday, 28 August 2014 00:00
New York Mets pitcher Zack Wheeler and catcher Travis d’Arnaud brightened the day for some patients at Cohen Children’s Medical Center last week in New Hyde Park, posing for pictures and handing out gifts and autographs. The players hung out with the kids in the afternoon, playing video games and answering questions.
They also found the time to make the rounds, stopping by bedsides to spread some cheer. Mr. Met also joined the tour and was a big hit with the children, who peppered him with questions about everything from his four-fingered hand to the whereabouts of the missing Mrs. Met.
Thursday, 28 August 2014 00:00
The Sewanhaka Indians football team has a season of change in store.
The Indians have moved up from Conference III to Conference II, due to an increase in enrollment, and are set to face teams that they have never seen before, according to head coach George Kasimatis.
“It is hard to gauge where we will be in this conference,” he said. “There is a lot of uncertainty as where we fit in.”