Loehmann's Closing In Morton Grove

In Loehmann's famous Backroom, you might find a Valentino or a Moschino, Sonia Rykiel, St. Laurent or Missoni. The stuff of Parisian and Milanese boutiques so exclusive one barely dares to enter them--and all at sharply slashed prices, at the Morton Grove and Northbrook locations.

Loehmann's announced the entire chain, with stores in urban centers from New York to California, is going out of business. 

That will sadden customers who have been decades-long fans. But The New York Observer practically salivates considering the going out of business sales, and recalls a time Fran Drescher hit up a Loehmann's sale on "The Nanny."

Loehmann's filed for bankruptcy protection in December due to competition in the off-price sector and other factors, CNBC reported, and arrangements were made to liquidate $65 million in inventory.