Nov. 2 (Bloomberg) -- Syms Corp. and its Filene’s Basement LLC affiliate filed for bankruptcy in Delaware, the third time Filene’s, the century-old clothing chain, has sought protection from creditors.
The company listed assets of $236 million, including $97.7 million in real estate inventories, and liabilities of $94 million, according to a statement filed with the Chapter 11 petition today in U.S. Bankruptcy Court in Wilmington, Delaware.
Syms, which operates 46 stores under Filene’s Basement and its namesake brand in the U.S., said it plans to liquidate the business during the holiday season. The company said it received no “viable bids” from anyone willing to operate the business.
Syms, based in Secaucus, New Jersey, bought Filene’s Basement in an auction for $63 million in June 2009. The company has 25 Syms stores and 21 Filene’s Basement locations. The company plans to conduct going-out-of-business sales before Black Friday, the beginning of the U.S. holiday shopping season, according to court papers. Black Friday, the day after the Thanksgiving Holiday, falls on Nov. 25 this year.
Edward Filene opened his Boston bargain basement in 1909 to clear out merchandise from his family’s department store, eventually leading other retailers to bring their unsold goods to him, according to the store’s website.
The case is In re Filene’s Basement LLC, 11-13511, U.S. Bankruptcy Court, District of Delaware (Wilmington).
--With assistance from Bill Rochelle in New York. Editors: Andrew Dunn, Stephen Farr
To contact the reporters on this story: Christopher Scinta in London at cscinta@bloomberg.net; Sophia Pearson in Philadelphia at spearson3@bloomberg.net
To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.
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