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Loehmann’s Is Going Out Of Business

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.  

News

Following her uncontested election last month, trustee Donna Squicciarino was officially sworn in by Mayor Robert Lofaro for a one year term on Monday, April 7. 

 

Squicciarino is the second woman in New Hyde Park’s 86-year history to serve as trustee. Florence Lisanti was the first woman to serve on the board, whose term expired in 2001.

 

“I think it’s great,” said Squicciarino. “We needed a woman at the table with a different point of view. We have a lot of different perspectives that guide the village in the right direction.”

At the April 3 meeting of the Herricks Board of Education, it was revealed that New York State’s recently passed budget has allotted a larger-than-anticipated amount of aid for schools; this has resulted in an additional $360,000 for the district to use for its 2014-2015 budget.

 

According to Board of Education President James Gounaris, the 2014-2015 Herricks budget was already adopted, on March 20; after the surprise boost in state aid, the budget was adjusted and re-adopted at the April 3 meeting, with the additional funds allocated toward restoring some budgetary cuts made to the district in recent years.


Sports

Sewanhaka High School’s seventh grade girl’s basketball team finished with an undefeated season, coached by Alison Leighton and assistant coach Myeishay Brooks. 

 

“With an incredible starting five, and depth throughout the roster, the team showed that with talent and determination, they can do anything,” Leighton said. “Not only were they an unbelievable team to coach, they were sportswomen on the court, and gave one hundred percent effort in their games, and practices.”

Most tourists travel to see the sights and eat the food. But New Hyde Park resident Dr. Peter Douris recently flew to South Korea for a different reason entirely. He spent a week in the southern mountains testing for 5th degree black belt in the Korean martial art of Soo Bahk Do. 

 

Douris was part of a group from Kwon’s Karate studio in Manhasset, where they’ve all trained for many years with their instructor, Master H.Y. Kwon, a ninth level black belt.

 

In Korea, their days began at 6 a.m. and continued until very late.


Calendar

Zoning Board Meeting - April 9

PTSA-PTA Meeting - April 9

PTA Meeting - April 10


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