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11/16/2010

Loehmann's Is 17th Major Retail Bankruptcy in 2010

Discount apparel retailer Loehmann’s sought bankruptcy protection yesterday after its Dubai government-linked owner failed to reach a debt-extension deal with creditors.

This is the 17th major retail chain bankruptcy so far in 2010. See list below.

Loehmann’s says the Chapter 11 filing yesterday in U.S. Bankruptcy Court for the Southern District of New York is “prenegotiated,’’ meaning it could play out faster than a typical bankruptcy case.
Dubai’s Istithmar World investment unit bought New York-based Loehmann’s for $300 million in 2006. The retailer sells designer brands at discount prices in 15 states and the District of Columbia. Istithmar is a unit of the troubled state conglomerate Dubai World.

Here is a complete list of retailers that filed for Chapter 11 bankruptcy proteciton in 2010 in addition to Loehmann's:

Blockbuster: Filed Chapter 11 on September 23, 2010 in Manhattan, NY

Urban Brands: Filed Chapter 11 on September 21, 2010 in Delaware

Oriental Trading Company: Filed Chapter 11 on August 25, 2010 in Wilmington, DE.

Gracious Home: Filed Chapter 11 on August 13, 2010 in Manhattan, NY.

Jennifer Convertibles Inc.
: Filed Chapter 11 on July 18, 2010 in Manhattan, NY.

Controladora Comercial Mexicana, S.A.B. de C.V.
: Filed Chapter 15 on July 16, 2010 in the Southern District of New York and a Mexican Judge accepted their insolvency petition. They hope to finish restructuring by the end of 2010.

Riviera Holdings Corporation
: Filed Chapter 11 on July 12, 2010 in Las Vegas, NV.

Planet Organic
: Sold its assets to creditor Catalyst Capital Group to wipe out $31.1 million in debt. Deal closed on June 4, 2010.

Gems TV
: Filed Chapter 11 on April 5, 2010 in Wilmington, DE and is liquidating its assets.

Rock & Republic
: Filed Chapter 11 on April 1, 2010 in New York, NY. It plans to reorganize.

BKV, Inc, d.b.a. Tellos
: Filed Chapter 11 on March 19, 2010 in Boston, MA. It plans to close three of its eight clothing stores.

Swoozie's, Inc.
: Filed Chapter 11 in Atlanta, GA on March 2, 2010 and was purchased by Gart Capital Partners.

Movie Gallery, Inc.
: Filed Chapter 11 in Virginia on February 2, 2010. It plans to close all of its stores.

Southern Golf Partners
: Filed Chapter 11 on January 20, 2010 in Atlanta, GA.

Bernie's Audio Video TV Appliance
: Filed Chapter 11 on January 14, 2010 in Hartford, CT and is liquidating.

E.R.T. Sales of Hawaii
: Filed Chapter 11 on January 12, 2010 in Hawaii and plans to reorganize.

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