Syms and Filene’s Basement File for Bankruptcy
02 Novembro 2011 - 10:30AM
Business Wire
Syms Corp (NASDAQ: SYMS) and its wholly owned subsidiary
Filene’s Basement, LLC announced today that they have filed
voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code.
The petitions were filed in the U.S. Bankruptcy Court for the
District of Delaware.
Syms CEO Marcy Syms said: “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; a proliferation of
private label discount chains; a decline in buying opportunities as
brand name labels have reduced overruns by improving their supply
chain management – all combined with the worst economic downturn in
our lifetimes.
“All these factors affected both chains and they came at a time
when Filene’s Basement, which was just emerging from bankruptcy,
was already waging an uphill battle to rebuild its customer
base.
“The filings today are the result of a process that has been
taking place for several months. Our board has conducted a rigorous
assessment of all the strategic options and alternatives available
and after careful consideration has come to the conclusion that a
bankruptcy filing and liquidation is the best way of maximizing
value for all stakeholders.
“I want to express my appreciation to our employees, many of
whom have devoted their careers to Syms and Filene’s Basement, for
their loyalty and hard work. I also want to thank our educated
consumers and bargain hunters for their dedicated support over many
years.”
Syms and Filene’s Basement will be jointly administered during
the bankruptcy. The liquidation of stores is expected to run
through approximately January 2012. Syms and Filene’s Basement are
seeking court approval to retain an agent to handle the liquidation
of merchandise and for authorization to conduct going out of
business sales. They are also seeking court approval for Cushman
& Wakefield to assist in the sale of company-owned real estate,
Rothschild to serve as financial advisor, Skadden, Arps, Slate,
Meagher & Flom as bankruptcy counsel and Alvarez & Marsal
as restructuring advisors, with A&M Managing Director Jeff
Feinberg to serve as President and Chief Operating Officer.
Syms Corp was founded by Sy Syms in 1959. Filene’s Basement
traces its roots back to 1909 and founder William Filene. Syms
acquired assets of Filene’s Basement, Inc., which had filed for
bankruptcy, in a bankruptcy auction in 2009. Syms Corp and Filene’s
Basement, LLC collectively own and operate 46 “off-price” apparel
stores located predominantly on the east coast of the United States
under the “Syms” name (which, together with co-branded
Syms/Filene’s Basement stores, are owned and operated by Syms Corp)
and the “Filene’s Basement” name (which are owned and operated by
Filene’s Basement, LLC).
The schedule for store closings is to be determined as the
liquidation of merchandise is completed.
Customers, employees, creditors, shareholders and others can
find more detailed information and court filings at
www.kccllc.net.
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