Things are not looking good for Loehmann‘s.
On top of withholding shipments, the retailer has also missed paying their $6 million interest payment.
Oops!
Unfortunately this isn’t the beginning of their financial troubles. Loehmann’s, which was acquired by Dubai-based Istithmar in 2006 and also owns Barney’s New York, finances have been in the crapper since December.
The company is scrambling to pay for their deliveries, but are reportedly trying to “stay alive”.
But this is good news for their competitors. According to a source, one competitor has been “offering a premium to key Loehmann’s suppliers for their excess inventory”.
They better get their shiz together!