Loehmann’s, Reborn as Off-Price E-Commerce, Names Advisors
Off-price retailer Loehmann’s, which was recently resurrected as an online retailer after a hedge fund acquired its intellectual property out of bankruptcy, has named Tony D’Annibale to its advisory board. D’Annibale, who was EVP of merchandising at the retailer’s previous incarnation before leaving for e-commerce retailer Rue La La, is now the president of Jessica’s Brands, a 30-year-old off-price strategy firm.
“[D’Annibale’s] experience with digital retail as well as his background in merchandising makes him an ideal addition to our team. His understanding of the Loehmann’s customer aligns with our passion for building upon the heritage of this beloved brand,” said Andrew Sole, Managing Member of Esopus Creek Advisors, the hedge fund that owns the Loehmann’s name.
Esopus announced its intention to relaunch Loehmanns.com in April and did so quietly in May. An official relaunch was scheduled for June. Part of what Esopus bought in bankruptcy court was the customer databases. Loehmanns.com is currently active, and promoting its extended Cyber Monday sale.
Loehmann’s filed for bankruptcy protection in December last year, the third time for the 92-year-old retailer since 1999. Liquidation sales at the 39 Loehmann’s stores followed in early January this year. Esopus Creek acquired the Loehmann’s trademarks later that month in U.S. Bankruptcy Court for the Southern District of New York in Manhattan. The New York Post said that Esopus paid $750,000.
