Here we go again: For the second time in three years and third time overall, legendary discounter Loehmann's Holdings has entered Chapter 11 bankruptcy protection.
Strikingly, as noted by Women's Wear Daily, the 92-year-old chain couldn't even wait until after the holidays to file, an “honor” usually reserved for Martin Luther King Jr. Day, the first bank holiday after the season.
What went wrong this time? After all, value is still king with all but the wealthiest consumers: TJX Cos. reported comp-store sales increases of 5% in the third quarter, and has a much, much, much larger store base. Main competitors such as Filene's Basement, Daffy's and Sym's also couldn't survive that juggernaut—or the growth of discount designer Web sites such as Gilt, HauteLook, Ideeli and more.
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