Loehmann's files for bankruptcy

Loehmann's, the US-based value fashion retailer, has filed for bankruptcy. According to

papers filed, the 39 store retailer has accumulated over 100 million dollars of debt.

The company, which employs around 1,600 staff, said in court papers that it reached an acquisition agreement with liquidators SB Capital Group, Tiger Capital Group, and A&G Realty Partners, but the earliest-filed court papers didn't explain how that agreement would affect its operations.

The retailer previously filed for bankruptcy in 2010, later emerging under control of investors who are organised by Whippoorwill Associates, a group that has a 68 percent stake in the company, according to court papers.

Dubai-based Designer Apparel Holding Co owns about 19 percent of the company, court papers said.