Retailers Syms, Filene's Basement going out of business

[n2doc]

Reuters
9:54 a.m. CDT, November 2, 2011

Discount clothing retailer Syms Corp., famous for saying educated consumers were its best customers, filed for bankruptcy Wednesday along with its Filene's Basement chain and both plan to go out of business.

The bankruptcy is the third and likely final trip through bankruptcy for Filene's Basement, a chain famous for its "Running of the Brides" events.

"This has been a challenging time for Syms and Filene`s Basement. We have been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts," said Chief Executive Marcy Syms in a statement.

The company said it expects both chains to complete going-out-of-business sales by the end of January.

There are 25 Syms and 21 Filene's Basement stores, mostly in the eastern United States, and the two combined employ about 2,500, according to court documents.

http://www.chicagotribune.com/business/breaking/chi-retailers-syms-and-filenes-basement-going-out-of-business-20111102,0,7077735.story

[Sarah Ibarruri]

1. I love Syms' clothes. Too bad. nt

[RebelOne]

3. Me too. I used to shop there frequently

when I lived in Miami because Syms was just a mile from my house.

[Sarah Ibarruri]

4. Me too, when I lived in Miami!!! The ceilings and store were painted black. :)

That always freaked me out.

[Cassandra]

2. Wow

They just expanded a block long space on 79th & Broadway.