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 $98,000 in severance pay, it guaranteed employes at least $633,000 from the liquidation sale, expects that the sum may run as high as $1,000,000.

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