Loehmann's may have shut its doors to business in February after months of struggling with bankruptcy issues, but it's found a second shot at life.
The company's name, intellectual assets, and customer list were acquired by hedge fund Esopus Creek Value Series Fund LP in bankruptcy court, which then partnered with brand development and advisory firm CAK Entertainment Inc to relaunch Loehmann's as an online retailer.
Loehmann's 2.0 quietly soft-launched on May 5, and currently features contemporary brands alongside high-end labels like Tom Ford beauty, Miu Miu, Marc by Marc Jacobs. There's even one pair of Chanel sandals.
It also has a 21st century twist: Prices are listed in the standard discount format (i.e., price followed by the crossed out original retail price with percentage of savings) as well as a per month pricing. Customers have the option of checking out with PayPal and selecting "Bill me later," allowing them to pay over a six month period.
The hard launch is still coming; a representative says the site is still working out kinks and expects to officially relaunch closer to June.