Bloomberg reports Loehmann’s Holdings Inc., the New York-based seller of discounted designer goods operated by Whippoorwill Associates Inc., sought bankruptcy protection for a third time amid growing competition from discount chains.

According to the Bloomberg article, Loehmann’s listed assets of as much as $100 million and debt of as much as $500 million in a Chapter 11 petition filed in U.S. Bankruptcy Court in Manhattan on Dec. 15.

Loehmann’s is no stranger to the bankruptcy court having entered Chapter 11 protection for the first time in May 1999. The company blamed the filing on declining sales and an inability to carry its debt load. It emerged from bankruptcy the following year after cutting more than $140 million of debt, closing 25 stores and rejecting takeover offers from two competitors.

View the entire Bloomberg article.