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Discount Retailer Loehmann's Begins Liquidation Sale

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TWC News: Discount Retailer Loehmann's Begins Liquidation Sale
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After more than 90 years in business, the end is near for discount clothing chain Loehmann's.

The bankrupt New York-based retailer says it will start liquidating all inventory Wednesday after it failed to find a buyer.

It says a court has approved a plan for outside firms to conduct "going out of business" sales at all of its stores.

Loehmann's blames the economy and competition from other discount stores for its money problems.

The chain's original store opened in Brooklyn in 1921.

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