Lipman's began to lose market share to Meier & Frank in the 1970s, when Marshall Field's bought all six stores in 1979.

[4] In early 1987, F&N Acquisition Corp., the owners of Frederick's announced that they would bring back the Lipman's name[failed verification] as an off-price retail division.

[citation needed] Ownership was handed over to F&N executives and all the stores became Frederick & Nelson Red Tag Clearance Centers by mid-1988.

The Cinnamon Bear was introduced as a Lipman's-sponsored radio story character, meant to count down the days until Christmas.

Along with Santa Claus, his costumed likeness appeared every Christmas at Lipman's stores, handing out cookies to children.

The Cinnamon Bear radio show can also be heard on Kool 99.1 in Eugene, Oregon every Christmas Frederick & Nelson closed the former Lipman's flagship store during a reorganization of the chain in 1986.