Exhibit 10.14

                                    AGREEMENT

                                      among

                                LOEHMANN'S, INC.

                                       and

                                  ROBERT GLASS

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                                TABLE OF CONTENTS


                                                                            Page
                                                                            ----

1.       Definitions...........................................................1

2.       Term of Employment....................................................4

3.       Duties of Executive...................................................4

4.       Base Salary...........................................................5

5.       Performance Cash Bonuses..............................................5

6.       Automobile, Etc.......................................................6

7.       Life Insurance........................................................6

8.       Medical Insurance.....................................................7

9.       Disability Insurance..................................................8

10.      Tax Returns...........................................................8

11.      Discount on Purchases; Expenses.......................................8

12.      Vacation..............................................................8

13.      Other Benefits........................................................9

14.      Stock Options.........................................................9

15.      Termination of Employment............................................10

         (a)      Death or Total Disability...................................10
         (b)      For Cause or Lack of Good Reason............................10
         (c)      Without Cause or With Good Reason...........................11
         (d)      Change of Control...........................................12
         (e)      Non-Renewal.................................................13

16.      No Mitigation........................................................14

17.      Non-Hire.............................................................14

                                        i

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18.      Indemnification......................................................14

19.      Confidentiality......................................................15

20.      Severability.........................................................16

21.      Enforcement..........................................................16

22.      Withholding..........................................................16

23.      Entire Agreement.....................................................16

24.      Continuation of Employment...........................................17

25.      Governing Law........................................................17

26.      Miscellaneous........................................................18

                                       ii

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         THIS EMPLOYMENT AGREEMENT ("Agreement") made and entered into as of
February 27, 1998, by and between LOEHMANN'S, INC., a Delaware corporation (the
"Company"), and ROBERT GLASS, residing at One Horizon Road, Fort Lee, New Jersey
07024, herein called the "Executive,"

         WITNESSETH, That:

         In consideration of the mutual promises and agreements hereinafter set
forth, it is agreed between the Company and the Executive as follows:

         1. Definitions. As used herein, including Exhibits A and B hereto,
"Actively Traded" means listed on the New York Stock Exchange, the American
Stock Exchange or constituting a National Market System security quoted by the
National Association of Securities Dealers Automated Quotation market system;

         "Board of Directors" means the board of directors of the Company;

         "Cause" means (i) the willful failure (other than any failure resulting
from the Executive's incapacity due to physical or mental illness) of the
Executive to substantially perform his normal duties with the Company under this
Agreement in any material respect, where such failure is not reasonably
corrected within 30 days after receipt of notice from the Board of Directors
specifying such failure or failures of the Executive, (ii) the willful engaging
by the Executive in conduct which is materially injurious to the Company or any
of its Subsidiaries (but any act or failure to act which gives rise to a right
of termination under both this clause (ii) and clause (i) above shall be treated
as if such right arose under clause (i)) or (iii) the conviction of the
Executive of any crime or offense constituting a felony;

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         "Common Share" means a share of the Common Stock of the Company, par
value $.01 per share;

         "EBITDA" has the meaning ascribed to that term in Section 5 hereof, and
shall be calculated in accord with generally accepted accounting principles as
in effect at the time of calculation and consistent with the calculation for
prior Fiscal Years;

         "Fiscal Year" means the 12 month period ending on the Saturday closest
to January 31 (i.e., January 31, 1998; January 30, 1999), or such other annual
fiscal accounting period of the Company as may be adopted by the Company from
time to time;

         "Good Reason" means (i) a material adverse alteration in the nature or
status of the Executive's position, duties or responsibilities from those in
effect as of the inception of the Period of Employment; (ii) a reduction in or
failure to pay or provide when due any of the compensation (it being understood
that base salary cannot be reduced under this Agreement) or other benefits
required to be paid or provided to the Executive hereunder, if, but only if,
such reduction or failure continues for 10 days following written notice from
the Executive specifying the nature of the reduction or failure; (iii) a change
in the principal place of the Executive's employment to a location more than 100
miles from the place of the Executive's principal residence as of the date of
this Agreement, excluding required travel on the Company's business; or (iv) any
other failure of the Company to fulfill its obligations under this Agreement in
any material respect;

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         "Group" means a syndicate or group deemed a "person" within the meaning
of Rule 13d-5 promulgated by the Securities and Exchange Commission;

         "Period of Employment" means the period commencing on April 1, 1998 and
ending on March 31, 2000. The Period of Employment shall be automatically
renewed for successive one-year periods at the Base Salary (as defined in
Section 4 below) then in effect unless the Company provides Executive with
written notice at least six (6) months prior to the end of the current Period of
Employment that it does not wish to extend the Period of Employment (a "Notice
of Non- Renewal"). If the Company provides the Executive with a Notice of
Non-Renewal, the Executive's employment will be deemed to have been terminated
at the end of the Period of Employment.

         "Person" means an individual, a corporation, a partnership, an
association, a trust or any other entity or organization, including a government
or political subdivision or any agency or instrumentality thereof;

         "Subsidiary" means any entity of which securities or other ownership
interests having ordinary voting power to elect a majority of the board of
directors or other Persons performing similar functions are directly or
indirectly owned by the Company; and

         "Total Disability" or "Totally Disabled" means the disability, withing
the meaning of the Company's short-term disability plan, for a continuous period
of 100 days, or for any 100 days within a 365 day period, and a determination,
by a physician mutually acceptable to the Company and the Executive, at the end
of such

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period that the Executive is unable to perform the normal duties of the 
Executive hereunder.

         2. Term of Employment. The Company agrees to employ the Executive, and
the Executive agrees to render personal services to the Company and its
Subsidiaries, during the Period of Employment as President and Chief Operating
Officer of the Company, and to perform such executive duties and assignments
consistent with those positions as may at any time and from time to time be
required by the Board of Directors, except that the Executive shall not be
required to hold any position or to perform any duty or assignment materially
inconsistent with those positions or his experience and qualifications, it being
agreed and understood that the personal services to be rendered by Executive to
the Company and its Subsidiaries hereunder are of a special and unique
character. Executive shall also serve as a member of the Board of Directors and
on such other committees of the Board of Directors as the Board of Directors may
reasonably request without additional compensation.

         3. Duties of Executive. Executive agrees that, at all times during the
Period of Employment, Executive will:

                  (i) faithfully and diligently serve the Company to the best of
Executive's ability; and

                  (ii) devote Executive's undivided time and attention, during
the Company's then customary business hours, to the performance of his duties
hereunder and to the business and affairs of the Company and its Subsidiaries
and to promoting the best interests of the Company and its Subsidiaries to such
extent as

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may be necessary for the proper performance of the personal services to be
rendered by Executive hereunder, and he shall not, either during or outside of
business hours, engage in any activity inimical to the best interests of the
Company or any of its Subsidiaries.

         4. Base Salary. The Company agrees to pay Executive an annual base
salary (the "Base Salary") for his services during the Period of Employment of
$300,000, in semi-monthly installments, subject to Section 22 hereof. The rate
of Executive's base salary shall be reviewed annually as of each April 1 except
that no such annual review shall result in any reduction in the Executive's base
salary as in effect at the date of such review. In computing the base salary
payable hereunder for any period covering less than a full Fiscal Year, the
annual rate of base salary shall be prorated in the proportion that the number
of days contained in such period bears to 360.

         5. Performance Cash Bonuses.

                  (i) With respect to each Fiscal Year ending during the Period
of Employment, Executive will be eligible to receive a cash bonus equal to 60%
of his Base Salary in effect for such Fiscal Year. Such bonus will be paid if
the Company's consolidated earnings before interest, taxes, depreciation and
amortization ("EBITDA") target for such Fiscal Year is attained, which target
will be established by Executive and the Board of Directors prior to April 30 of
each Fiscal Year. If the Executive's employment terminates at the end of the
Period of Employment, the bonus shall be prorated in the proportion that the
number of full months of such fiscal year that the Executive was employed by the
Company bears to 12. If such a bonus

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is earned with respect to any Fiscal Year, such bonus will be paid to Executive
within 30 days following receipt by the Company of certified consolidated
financial statements for the relevant year, but not later than 75 days after the
end of the Fiscal Year to which such bonus relates.

         6. Automobile, Etc. During the Period of Employment, the Executive
shall be entitled to receive an allowance for automobile, gasoline, club dues
and other expenses of $15,000 in the aggregate for each Fiscal Year, prorated in
the case of any Fiscal Year which is less than 12 months in duration or which
does not fall entirely within the Period of Employment.

         7. Life Insurance.

                  (a) During his employment with the Company, the Company shall
provide the Executive with term life insurance providing a death benefit equal
to three times his then base salary, it being understood that the Executive is
presently insurable at normal rates and that the Executive will bear the cost of
such insurance upon renewal to the extent such cost exceeds normal rates.

                  (b) After the termination of Executive's employment hereunder
(including upon expiration of the contract term) other than for (i) "Cause" or
(ii) "Lack of Good Reason" (as such terms are hereafter defined), for the
remainder of Executive's life or until Executive attains the age of 70 or
obtains full-time employment with any Person other than the Company, the Company
shall obtain and maintain life insurance for Executive's benefit in the amount
equal to his Base Salary upon the termination of such employment. For purposes
of the preceding

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sentence, Executive's retirement from the Company after age 62 shall not be
deemed a termination of this Agreement for "Lack of Good Reason."

         8. Medical Insurance.

                  (a) During his employment with the Company, the Executive
shall be entitled to group medical insurance coverage in accordance with the
terms and conditions of such plans as are maintained by the Company, it being
understood, however, that nothing contained herein shall prevent the Company
from amending, modifying or terminating such plans in any manner if, but only
if, the Executive is treated no less favorably than other participants in such
plans as a result of such amendment, modification or termination, and except
that the Executive shall be entitled to a group medical plan at group rates,
together with excess medical reimbursement of at least $5,000 a year for
medical, dental, optical or other health expenses not covered or only partially
covered under the Company's group medical plan.

                  (b) After the termination of Executive's employment hereunder
(including upon expiration of the contract term) other than for (i) Cause or
(ii) Lack of Good Reason, the Company shall continue to provide medical
insurance to Executive and his spouse for the duration of their respective lives
in accordance with the terms and conditions of such plans as are maintained by
the Company; provided, that, if Executive obtains full-time employment with any
Person other than the Company, the Company shall not be obligated to provide
coverage set forth in this Section 8(b). For purposes of the preceding sentence,
Executive's retirement from

<PAGE>

the Company after age 62 shall not be deemed a termination of this Agreement for
"Lack of Good Reason."

         9. Disability Insurance. During the Period of Employment, the Company
shall provide the Executive with long-term disability insurance providing an
annual benefit in the event of such disability at least equal to one-half of his
then base salary. In the event of the Executive's illness or disability, the
Company shall continue to pay the Executive his base salary at his then annual
rate, and continue to provide all benefits and all other compensation required
by this Agreement unless and until the Executive's employment is terminated by
reason of his Total Disability and an eligibility, waiting or comparable period
under the disability insurance policy expires and payments to the Executive
begin under the policy.

         10. Tax Returns. During the Period of Employment, the Company shall pay
for preparation of the Executive's federal and state income tax returns by the
Company's regular outside accountants or, if the Executive so elects, shall
reimburse the Executive in an amount of up to a maximum of $2,100 per year for
fees paid to another accountant in connection with the preparation of such
returns.

         11. Discount on Purchases; Expenses. The Executive shall benefit from
the Company's Executive Discount Purchase Plan. The Company shall reimburse
Executive for all items of normal expense incurred by Executive as an employee
of the Company as authorized or approved under guideline and policies fixed from
time to time by the Board of Directors.

         12. Vacation. During the Period of Employment, the Executive shall be
entitled to four weeks of vacation per year, during which the Executive shall

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receive his normal compensation payable hereunder. The Company shall not pay the
Executive any additional compensation for any vacation time not used by the
Executive.

         13. Other Benefits. The Company and its Subsidiaries have adopted
certain employee benefit plans and have established certain arrangements
concerning executive perquisites which may, from time to time, confer rights and
benefits on the executive in accordance with their terms, and the Company and it
Subsidiaries may, in the future, adopt additional employee benefit plans and
establish additional arrangements concerning executive perquisites, and may in
the future amend, modify or terminate any of the aforesaid employee benefit
plans and arrangements, all in accordance with their terms and in accordance
with applicable law. Subject to any limitations imposed from time to time under
applicable law or regulation, the Executive shall be entitled to participate in
all such benefit plans which cover senior employees of the Company and its
Subsidiaries. The Company shall reimburse Executive for reasonable legal fees
incurred in connection with the review and negotiation of this Agreement,
provided that such reimbursement shall not exceed $10,000.

         14. Stock Options. Upon execution of this Agreement, the Company shall
grant to the Executive options (the "New Options") to purchase 100,000 Common
Shares under the Loehmann's, Inc. Amended and Restated New Stock Incentive Plan
(the "Stock Option Plan") at an exercise price per Common Share equal to the
fair market value (as defined in the Stock Option Plan) of a Common Share on the
date hereof, the terms of which shall be set forth in an

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individual award agreement between the Company and the Executive. All options
held by Executive, including the New Options, shall become immediately vested
and exercisable immediately prior to a Change in Control.

         15. Termination of Employment.

                  (a) Death or Total Disability. The employment of the Executive
will terminate upon his death or Total Disability. If, during the Period of
Employment, the employment of the Executive is terminated due to death or Total
Disability, the Executive or his estate shall receive, within 30 days of such
termination, base salary provided for in Section 4 as then in effect, accrued
through the date of termination. In addition, Executive shall be entitled to the
proceeds of the life insurance provided pursuant to Section 7 which become
payable by reason of the Executive's death, or the disability payments payable
pursuant to Section 9, as the case may be, and the medical benefits provided for
in Section 8(b)); provided that Executive shall also be paid any bonus pursuant
to Section 5 earned with respect to any previously completed Fiscal Year which
remains unpaid as of such date of termination and any amounts to which Executive
may be entitled pursuant to the plans, policies and practices of the Company
then in effect. Upon such termination Executive shall have no further rights to
benefits under this Agreement (except indemnification under Section 18 and as
otherwise provided for in this Agreement).

                  (b) For Cause or Lack of Good Reason. The employment of the
Executive may be terminated by the Company at any time for Cause. If, during the
Period of Employment, the employment of the Executive is terminated by the
Company for Cause or by the Executive without Good Reason ("Lack of Good

<PAGE>

Reason"), the Executive shall receive, within 30 days of such termination, base
salary provided for in Section 4 as then in effect, accrued through the date of
termination, any bonus pursuant to Section 5 earned with respect to any
previously completed Fiscal Year which remains unpaid as of such date of
termination and any amounts to which Executive may be entitled pursuant to the
plans, policies and practices of the Company then in effect. Upon such
termination Executive shall have no further rights to benefits under this
Agreement (except indemnification under Section 18 and as otherwise provided for
in this Agreement).

                  (c) Without Cause or With Good Reason. The employment of the
Executive may also be terminated by the Company at any time without Cause or by
the Executive at any time with Good Reason. If, during the Period of Employment,
the employment of the Executive is terminated by the Company without Cause, or
by the Executive with Good Reason, the Executive shall continue to receive the
Base Salary provided for in Section 4 as then in effect for the 12 months
following termination or the remainder of the Period of Employment, whichever is
longer. In addition, Executive shall be entitled to the benefits contemplated by
Sections 7(b) and 8(b) hereof, any bonus pursuant to Section 5 earned with
respect to any previously completed Fiscal Year which remains unpaid as of such
date of termination and any amounts to which Executive may be entitled pursuant
to the plans, policies and practices of the Company then in effect. Upon such
termination Executive shall have no further rights to benefits under this
Agreement (except indemnification under Section 18 and as otherwise provided for
in this Agreement).

<PAGE>

                  (d) Change of Control. If Executive's employment is terminated
coincident with or within one year after a Change of Control (as defined below),
either by the Company or by Executive for Good Reason, Executive shall be paid,
within 10 days after such termination, a lump sum, in cash, equal to 2 times
Executive's Base Salary then in effect. In addition, Executive shall be entitled
to the benefits contemplated by Sections 7(b) and 8(b) hereof, any bonus
pursuant to Section 5 earned with respect to any previously completed Fiscal
Year which remains unpaid as of such date of termination and any amounts to
which Executive may be entitled pursuant to the plans, policies and practices of
the Company then in effect. Except as provided in this paragraph 15(d), upon a
termination of employment pursuant to this paragraph, Executive shall have no
further rights to benefits under this Agreement (except indemnification under
Section 18 and as otherwise provided for in this Agreement).

         For purposes of this Agreement, a "Change in Control" shall be deemed
to have occurred if (1) any "Person" (as such term is used in Section 13(d) of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), becomes
the "beneficial owner" (as determined pursuant to Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing fifty
percent (50%) or more of the combined voting power of the Company's then
outstanding securities; or (2) during any period of two consecutive years,
individuals who at the beginning of such period constitute the members of the
Company's Board of Directors (the "Board") and any new director, whose election
to the board or nomination for election to the Board by the Company's
stockholders was approved by a vote of a

<PAGE>

majority of the directors then still in office who either were directors at the
beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority of the
Board; or (3) the Company shall merge with or consolidate into any other
corporation, other than a merger or consolidation which would result in the
holders of the voting securities of the Company outstanding immediately prior
thereto holding immediately thereafter securities representing more than fifty
percent (50%) of the combined voting power of the voting securities of the
Company or such surviving entity outstanding immediately after such merger or
consolidation; or (4) the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the
Company of all or substantially all of the Company's assets or such a plan is
commenced or such a sale or other disposition is consummated.

                  (e) Non-Renewal. If the Company elects not to extend the
Period of Employment and provides Executive with a notice of Non-Renewal (a
"Non-Renewal Termination"), Executive's employment will be deemed terminated on
the last day of the Period of Employment and Executive will be entitled to a
lump sum payment within 30 days of the date of termination in an amount equal to
one year's Base Salary at the rate in effect on the date of termination. In
addition, Executive shall be entitled to the benefits contemplated by Sections
7(b) and 8(b) hereof, any bonus pursuant to Section 5 earned with respect to any
previously completed Fiscal Year which remains unpaid as of such date of
termination and any amounts to which Executive may be entitled pursuant to the
plans, policies and practices of the Company then in effect). Upon such
termination Executive shall have

<PAGE>

no further rights to benefits under this Agreement (except indemnification under
Section 18 and as otherwise provided for in this Agreement).

         16. No Mitigation. Executive shall not be required to mitigate the
amount of any damages that Executive may incur or other payments to be made to
Executive hereunder as a result of any termination or expiration of this
Agreement, nor shall any payments to Executive be reduced by any other payments
Executive may receive, except as set forth herein.

         17. Non-Hire. Executive agrees that if Executive's employment with the
Company is terminated for any reason, Executive will not for a period of two
years following the date of termination (the "Non-Hire Period") directly or
indirectly (i) solicit or encourage any member of senior management to leave the
employment of the Company or (ii) hire any member of senior management who was
an employee of the Company during the Period of Employment or the Non-Hire
Period.

         18. Indemnification. The Company shall, and shall cause its
Subsidiaries, if any, to, indemnify the Executive to the fullest extent
permitted (including payment of reasonable expenses in advance of final
disposition of a pro ceeding) by applicable law and the Certificates of
Incorporation and By-Laws of the Company and such Subsidiaries, as in effect at
the time of the subject act or omission, and the Executive shall be entitled to
the protection of any insurance policies the Company or any such Subsidiary may
elect to maintain for the benefit of any of its directors and officers, against
all reasonable costs, charges and expenses incurred or sustained by him or his
legal representatives at the time such costs, charges and

<PAGE>

expenses are incurred or sustained, in connection with any action, suit or
proceeding to which he (or his legal representatives or other successors) may be
made a party by reason of his being or having been a director, officer or
employee of the Company or any Subsidiary, or his serving or having served any
other enterprise as a director, officer or employee at the request of the
Company. This covenant and agreement of the Company and its Subsidiaries shall
survive this Agreement and continue in force and effect after the expiration of
the term hereof, whether by limitation or otherwise.

         19. Confidentiality. Executive covenants and agrees to hold in
strictest confidence any and all of the Company's confidential data, including
but not limited to information and documents concerning the Company's business,
suppliers, supplier and customer lists, marketing methods, advertising plans,
files, trade secrets, patents and patent applications, "know-how," techniques or
other technical information not of a published nature or other information which
shall come into Executive's possession or custody concerning the business of the
Company except (i) to the extent any such information enters the public domain
other than by reason of a breach by the Executive of this Section 19 and (ii) to
the extent the Executive is required by law to disclose any such information and
(iii) except to the extent such information is generally known to the industry
or the public other than as a result of Executive' breach of this Agreement. The
Executive will immediately notify the Company if he believes he is required by
law to disclose any such information, so that the Company may determine whether
or not to oppose such requirement. This covenant and agreement of Executive
shall survive this Agreement and continue in

<PAGE>

force and effect after the expiration of the term hereof, whether by limitation 
or otherwise.

         20. Severability. The Company and Executive hereby agree that should
any court of competent jurisdiction determine that any provision of this
Employment Agreement shall, but for the provisions of this Section 20, be
illegal or void as against public policy, for any reason, then such provision
shall automatically be amended to the extent (but only to the extent) necessary
to make it sufficiently narrow in scope, time and geographic area that such
court shall determine it not to be illegal or void as against public policy. If
any such provision cannot be amended to the extent provided in the preceding
sentence, then such provision shall be severed from this Agreement. In either
event, all other remaining terms and provisions shall remain in full force and
effect.

         21. Enforcement. The Company and Executive shall each be entitled to
pursue all legal and equitable rights and remedies to secure performance of the
obligations and duties of the other under this Employment Agreement, and
enforcement of one or more of such rights and remedies shall in no way preclude
the Company or Executive from pursuing, at the same time or subsequently, any
and all other rights and remedies available to each of them.

         22. Withholding. All payments to be made to the Executive under this
Agreement shall be reduced by all required withholding.

         23. Entire Agreement. The entire understanding and agreement between
the parties has been incorporated into this Agreement, and this Agreement
supersedes all other agreements and understandings between the parties with
respect

<PAGE>

to the employment of Executive by the Company. This Employment Agreement shall
inure to the benefit of, and shall be binding upon, the Company, heirs,
successors and assigns, and none of the provisions of this Agreement are
intended to be, nor shall they be construed to be, for the benefit of or
enforceable by any Person who is not a party hereto. Executive agrees that this
Agreement may be assigned by the Company to a Subsidiary of the Company; such
assignment, however, shall not relieve the Company of any of its obligations
hereunder except to the extent that such obligations are actually discharged by
such Subsidiary and shall not involve duties that are inconsistent with the
duties described in Section 3 hereof or any reduction in status. By signing
below, the Company each warrants and represents that this Agreement and the
Company's performance hereunder have been duly authorized by all requisite
corporate action (including the approval of their respective boards of
directors), and that this Agreement constitutes their legal and binding
obligation, duly enforceable against each of them in accordance with its terms.

         24. Continuation of Employment. Unless the parties otherwise agree in
writing, continuation of Executive's employment with the Company beyond the
expiration of the Employment Term shall be deemed an employment at will and
shall not be deemed to extend any of the provisions of this Agreement, and
Executive's employment may thereafter be terminated at will by Executive or the
Company.

         25. Governing Law. Any question or other matter arising under this
Agreement, whether of validity, interpretation, performance or otherwise, shall
be determined in accordance with and governed by laws of the State of New York.

<PAGE>

         26. Miscellaneous.

                  (a) The captions in this Agreement are not part of the
provisions hereof, are merely for the purpose of reference and shall have no
force or effect for any purpose whatsoever, including the construction of the
provisions of this Agreement, and if any caption is inconsistent with any
provisions of this Agreement, such provisions shall govern.

                  (b) This Agreement may not be waived, changed, modified or
discharged orally, but only by an agreement in writing signed by the party
against whom any waiver, change, modification or discharge is sought.

                  (c) All notices given hereunder shall be in writing and shall
be sent by registered or certified mail, return receipt requested, or by Federal
Express or other national overnight courier service capable of providing
delivery confirmation, or by hand-delivery, or by facsimile transmission with
confirmed receipt, and, if intended for the Company shall be addressed to at
2500 Halsey Street, Bronx, New York 10461, Attention: Mr. Philip Kaplan, or at
such other address or addresses and for the attention of such other person or
persons of which the Company shall have given notice to the Executive in the
manner herein provided, and if intended for the Executive, shall be addressed to
him at the address set forth above or such other residence address as shown by
the employment records of the Company, or to such designee of which the
Executive shall have given notice to the company in the manner herein provided.
Each such notice shall be deemed to be given on the date received at the address
of the addressee or upon refusal to accept delivery.

<PAGE>

                  (d) The Company and the Executive will treat this Agreement as
confidential, and neither of them will disclose the contents of this Agreement
to any person, except as may be required by law and except as the Company may
need to do so in its dealings with banks or other lenders or otherwise in the
normal course of business.

                  (e) The Executive irrevocably (i) consents to the jurisdiction
of the Supreme Court of the State of New York, New York County, and of any
Federal court located in or having jurisdiction over that County in connection
with any act taken or omitted hereunder, (ii) waives and agrees not to assert in
any such action, suit or other proceeding that he is not personally subject to
the jurisdiction of such courts, that the action, suit or other proceeding is
brought in an inconvenient forum or that the venue of the action, suit or other
proceeding is improper, (iii) waives personal service of any summons, complaint
or other process and (iv) agrees that the service thereof may be made by
certified or registered mail directed to the Executive at his address for
purposes of notices hereunder. Should the Executive fail to appear or answer
within 30 days, he shall be deemed in default and judgment may be entered by the
company against him for the amount or other relief as demanded in any summons,
complaint or other process so served. Nothing contained herein shall affect the
rights of the Company to bring such an action, suit or other proceeding in any
other jurisdiction.

                  (f) This Agreement may be executed in one or more
counterparts, and all such counterparts shall constitute one Agreement binding
on all

<PAGE>

the parties notwithstanding that all of the parties are not signatories to the 
original or the same counterpart.

         IN WITNESS WHEREOF, the parties hereto have executed this agreement as
to the day and year first above written.

                                            LOEHMANN'S, INC.


                                            By: /s/ Robert N. Friedman
                                                ----------------------
                                              Name:  Robert N. Friedman
                                             Title:  Chairman


                                            /s/ Robert Glass
                                            ----------------
                                            Robert Glass