In mid-December, New York-based Loehmann’s Holdings Inc. filed for bankruptcy in the federal court in Manhattan.

Frieda Loehmann founded the store in Brooklyn in 1921. It has 40 stores in several states nationwide. Loehmann’s sells high-end designer products at discounted rates.

The store, owned by Whippoorwill Associates Inc., filed for Chapter 11 bankruptcy after accruing a debt of $500 million. Like many businesses in the struggling economy, Loehmann’s suffered financially when customers cut personal spending.

The legal team at the Russell Van Beustring P.C., works for business owners in Houston who face financial difficulties. Find out how a lawyer could help you get out of debt today by calling 713-973-6650.