Here we go again: For the second time in three years and thirdtime overall, legendary discounter Loehmann'sHoldings has entered Chapter 11 bankruptcy protection.

Strikingly, as noted by Women's Wear Daily, the92-year-old chain couldn't even wait until after the holidaysto file, an“honor” usually reserved for Martin Luther King Jr. Day, the firstbank holiday after the season.

What went wrong this time? After all, value is still king withall but the wealthiest consumers: TJX Cos.reported comp-store sales increases of 5% in the third quarter, andhas a much, much, much larger store base. Main competitors such asFilene's Basement, Daffy's andSym's also couldn't survive that juggernaut—or thegrowth of discount designer Web sites such as Gilt, HauteLook,Ideeli and more.

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