Loehmann’s Holdings Inc., the Bronx, New York-based seller of discounted designer goods, said a joint venture between liquidators SB Capital Group LLC, Tiger Capital Group LLC and A&G Realty Partners LLC made the best bid for its inventory.
The size of the offer from the Jan. 3-4 auction wasn’t disclosed in a filing today in U.S. Bankruptcy Court in Manhattan. A hearing to approve the sale is set for tomorrow.
Madison Capital Holdings LLC separately had the top bid for its real estate, Loehmann’s said. Madison and the joint venture also worked with Esopus Creek Value Series Fund LP to make the best offer for the company’s intellectual property and customer lists, Loehmann’s said.
Loehmann’s opened the inventory auction with a $19 million bid from the same group of liquidators. The company had said that since the auction was held later than originally planned, bids might come in lower than initially anticipated.
Loehmann’s timeline was pushed back after U.S. Bankruptcy Judge Martin Glenn called Loehmann’s fast-track plan unreasonable, and said it was being done for the benefit of secured lenders including Wells Fargo & Co. (WFC:US) Loehmann’s initially planned to hold an auction by Dec. 30, get court approval by Jan. 2, and begin closing sales before tomorrow.
Loehmann’s, which carries brands such as Michael Kors and Calvin Klein, has 40 stores in 11 states that sell designer goods at discounts of 30 percent to 65 percent, according to its website.
The case is In re Loehmann’s Holdings Inc., 13-bk-14050, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Tiffany Kary in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Michael Hytha at email@example.com