Free Republic

It's the end of an era for a popular discount retailer that got its start in Brooklyn. Loehmann's has begun liquidating its inventory of discounted designer clothing after filing for bankruptcy last month. The retail store traces its roots back more than 90 years when it opened its first-ever store in Crown Heights in 1921.

Loehmann’s, a specialty retailer that has had a presence in Georgia for years, is going out of business and closing its 39 locations, including two in metro Atlanta. *** Loehmann’s blamed declining economic conditions in key markets, including New York, California, Florida and the Midwest, for a drop in business.

DUBAI: A Dubai government-owned firm said Sunday it had bought the Knickerbocker Hotel in New York's Times Square for $300 million, shortly after acquiring New York-based retail chain Loehmann's. Istithmar Hotels, which has investments at home and abroad, said the classic, Beaux Arts-style hotel, converted into an office property in the 1950s, would be converted back into a five-star hotel. "Knickerbocker is a premier property in one of the worlds most recognized locations," said Muneef Tarmoom, chief executive officer of parent company Istithmar. "Located in the heart of Manhattan on the southeast corner of Broadway and 42nd Street, it is...