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Esopus Gets OK on Loehmann's IP

The fund will have to wait until March to take ownership of the IP as the off-pricer still retains the rights until going-out-of-business sales are completed.

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ESOPUS GETS OK ON LOEHMANN’S IP: Esopus Creek Value Series Fund LP on Tuesday received Manhattan bankruptcy court approval of its purchase of Loehmann’s intellectual property assets and customer lists. The fund will have to wait until March to take ownership of the IP as the off-pricer still retains the rights until going-out-of-business sales are completed.

A joint venture comprised of Tiger Capital Group, A&G Realty Partners and SB Capital Group were approved for the inventory, furniture and fixtures, accounts receivable and cash component.

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Madison Capital Holdings, which is seeking to acquire the 39 leasehold interests, has to wait for another day to receive court approval of its accepted bid, according to court records.

Barneys New York is slated to open its downtown store in Chelsea at the Loehmann’s site at Seventh Avenue and 16th Street in 2017 when the off-pricer’s lease was set to expire. Barneys is expected to be able to open sooner now that Loehmann’s will be vacating that location by the end of the first quarter. The unit is the same building where Barney Pressman started his discount men’s business in 1923.