Loehmann's last stores close for good

The last of Loehmann's 39 stores closed their doors for good on Wednesday night. It marks the end of an era for a retail chain that got its start in the 1920s, but ultimately succumbed to the same financial woes that shut down fellow discount retailers Daffy's and Filene's Basement. Discount shoppers abandoned Loehmann's in favor of market leaders T.J. Maxx and Marshalls.

According to a 2013 report by market research firm Mintel, 46 percent of discount shoppers said they had visited T.J. Maxx and Marshalls over the last 12 months. Only 2 percent reported visiting a Loehmann's. Story