Loehmann's begins going-out-of-business sale

LOS ANGELES

The New York-based retailer tried unsuccessfully to sell its business in November and filed for bankruptcy protection in December. It blamed a number of factors, including weak economic conditions and increased competition. It was the company's third bankruptcy filing.

Wednesday, a U.S. bankruptcy court approved plans for a group of outside firms to hold a going-out-of-business sale at each of its 39 stores in 11 states.

The company said more than $65 million of inventory will be liquidated during the sale.

But don't try and find these deals online. According to the website, the company says it's not taking any online orders.

Frieda Loehmann opened the retailer's original store in Brooklyn in 1921. It is known for its "back room," where bargain shoppers search for designer clothes on the cheap.

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