Oct 1 (Reuters) - Off-price clothing chain Loehmann's delayed an interest payment due Friday on senior secured debt maturing in 2011 because it is trying to swap the related notes for debt that would come due in 2014 instead.

Loehmann's senior vice president and general merchandise manager Tony D'Annibale (L) and ceo Jerald Politzer at Loehmann's Seventh Avenue, NY. Photo : Corbis

"Loehmann's anticipates making its interest payment upon the completion of the exchange offer," a spokeswoman for the company said.

The offer ends on Oct. 27, according to a Sept. 24 press release with details of the proposed exchange.

Loehmann's, owned by Dubai investment group Istithmar, is one of many apparel retailers that has struggled amid a downturn in consumer spending linked to high U.S. unemployment. The company, which operates more than 60 stores, also competes with larger chains focused on selling designer fashion at steep discount, including TJX Cos Inc (TJX.N).

Istithmar is the overseas investment arm of Dubai World [DBWLD.UL].

Loehmann's said in the statement last week that it had lined up support for the debt exchange from holders of 34 percent of the 12 percent senior secured Class A notes due 2011, senior secured Class A floating rate notes due 2011 and 13 percent senior secured Class B notes due 2011.

The company said in a statement that it needs approval from 97 percent of the noteholders for the exchange and majority approval to make changes to terms of the old notes.

(Reporting by Caroline Humer, editing by Gerald E. McCormick)