Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Breathe easy: Loehmann's isn't going anywhere. A New York Post article on Tuesday reported that the off-price chain had failed to pay a $6 million bill on its debt, and that suppliers were starting to refuse to sent shipments to Loehmann's stores for fear that they wouldn't get paid. Now, Loehmann's CEO has issued a strongly-worded response. A sampling:
The premise of today's New York Post story is patently untrue. Loehmann's has fulfilled its financial obligations to its business partners and specifically, has made its debt interest payment on time, as scheduled.The Post story has disappeared from the website, and a correction ran in yesterday's paper saying that the store "has in fact met its debt-payment obligations."
· Loehmann's May Go the Way of Filene's Basement [Racked NY]
· Loehmann's says fulfilling financial obligations [Reuters]
· Correction [NYP]