Via NPR: http://www.npr.org/blogs/thetwo-way/2014/01/09/260935269/loehmanns-to-liquidate-macys-cuts-jobs-in-reorganization
Discount Retailer Loehmann's, which has been in business for more than 90 years, will begin liquidating its inventory on Thursday.
A bankruptcy court in Manhattan on Wednesday authorized three outside groups to conduct "Going Out of Business" sales for the retailer.
The company blamed its demise on decling economic conditions, intense competition from other off-price and outlet retailers as well as competition online.
Loehmann's has 93 stores in 11 states.
Macy's To Reorganize
Wednesday that it is cutting 2,500 jobs as part of a reorganization.
Other workers will be reassigned or transferred, and the company plans to add positions to online shopping and warehouses.
The Cincinnati-based retailer also announced it will close five stores. Final cleance sales will begin on Monday.
Macy's, which also operates Bloomingdale's stores, said eight new stores will be added. They are currently under construction or there are plans for them to be built.
In a news release, Macy's said the changes are expected to save the company about $100 million a year