According to the Chapter 11 petition, the company’s assets range from $50-100 million, while estimated liabilities are between $100-500 million.
Additional details from the filing were not immediately available.
As reported, the company emerged from Chapter 11 on March 1, 2011, with a reorganization plan backstopped by a $25 million investment from distressed-investment hedge fund Whippoorwill Associates, which held 70% of the company’s secured debt, and Istithmar, the company’s equity owner at the time. Istithmar is a unit of Dubai World, which is owned by the government of Dubai, focusing on private equity, real estate, and other alternative investments.
The exit was also funded, in part, by a $35 million senior secured revolving credit facility.
According to the petition filed yesterday, Whippoorwill now owns 68.49% of the company’s common equity, and Designer Apparel Holding Company, which lists its address in Dubai, holds 19.13%.
At the time of its 2011 exit, the company said it would focus its merchandising efforts on “well-known designer brands that resonate with its frequent shoppers,” as well as “refine its advertising outreach to communicate with Loehmann’s core customers and potential new shoppers.” – Alan Zimmerman