RETAIL TRADE: Out of Business

Frederick Loeser & Co., Inc., second largest department store in Brooklyn, was long known as the favorite of the carriage trade. But in recent years Loeser's (rhymes with closures) lost much of its prestige and many of its customers. Last year, when retail trade slumped, Loeser's was hard-hit; on sales of $25 million it lost $600,000. This year looked no better; in January Loeser's lost nearly $100,000. Last week the 91-year-old store announced that it will close down, except for one small branch. The 1,400 employees will not be left stranded. Though the management estimates it owes only...

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