Discount Retailer Loehmann's Files for Bankruptcy Protection

Loehmann%u2019s Holdings Inc., filed for bankruptcy after failing to exchange $110 million of bonds, Bloomberg News reported. "The decline in economic conditions in several markets in which Loehmann%u2019s stores are concentrated, mainly California, the Northeast, Midwest and Florida, has had an adverse effect on Loehmann%u2019s financial condition," CFO Joseph Melvin said in a filing with the U.S. Bankruptcy Court in Manhattan.