Where Bargains Go To Die: Syms And Filene's Basement File For Bankruptcy

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Say goodbye to these bargains: Syms Corporation, including its subsidiary Filene's Basement, have filed for bankruptcy, and plan to close all 46 of their stores. Syms acquired Filene's Basement out of bankruptcy protection in the spring of 2009 for $62.4 million, but struggled to make the chain profitable again. “Blame the economy, blame the world. I wouldn’t call it expected, but I wouldn’t call it surprising,“ St. John’s University business professor Anthony Michael Sabino told the Post.

The two massive discount retailer stores employ about 2,450 people mostly in the Eastern U.S. Syms Corp was founded by Sy Syms in 1959, while Filene’s Basement goes back to 1909 and founder William Filene. This will also mean the end of Filene’s Basement “Running of the Brides” event, where hundreds of frenzied brides-to-be rummage through racks of wedding dresses at discount prices.

These closings seem indicative of another trend sweeping through NYC: according to a retail survey by the Center for an Urban Future, chain stores are not spreading as much, or even decreasing, as economic woes catch up with the city. They found that there are fewer chain stores in Manhattan than there were one year ago, and had a 2 percent decrease altogether. For the record: Dunkin’ Donuts still has the most stores in the city with 466.

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By Ben Yakas in News on November 2, 2011 6:04 PM

Comments [rss]

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Steven Rosenberg

(re theevilerone comment)

Steven Rosenberg

Uh, this is Chapter 7, not 11. It's over. I need a new source for my non-expensive suits ;- (

chatterman

I'm hoping for a Nordstroms to open!

Bridget Hartzler

I guess I'll never get to do Running With the Brides now...

Erik Lyngved

This is sad! I've been getting suits and overcoats at Syms for as long as I can remember.

theevilerone

Let's be clear. Bankruptcy protection says they cannot pay their current debts and want them discharged. Bankruptcy does not say that they can't make money in the future. That's why they closed up $2 per share in trading today. Filene's ain't dead. It's a name that many would be willing to buy. But beyond that, many companies emerge from bankruptcy...Delta, Time Warner Cable, and Winn Dixie for example.m

Kelly Bovier Stearman

Brilliant. Clarity. Good reminder, not dead, just debt forgiven.

Jabberwiki

This stinks. I've found so many good deals at Filene's over the years. My closet's full of their stuff. They've been especially good for coats and sweaters. Gloves, too. I still wear a reversible Ralph Lauren raincoat that I love purchased probably 10 years ago. Black on one side, black & white wool houndstooth on the other. I will really miss them. Loehmann's just doesn't have the selection or the prices. I can't take Daffy's messy stores.

Ragingsemi

I can' take all of Daffy's Hassids.

CurmudgeonNYC

Daffy's also has brands no one has ever heard of. Total crap with employees one step above the missing link. Filenes consistently has great brands, great prices, and good locations. It will be missed by this bargain hunter,

Nos Feratu

A little history lesson: Sy Syms' first store was on Cortlandt St. Most of Cortlandt St was in the way of the original World Trade Center project. Syms' store was going to be taken by eminent domain. Sy organized the businessmen and merchants of lower Manhattan into a group opposed to the original WTC project. The WTC was approved and Syms, along with dozens of other businesses were forced out to make way for the Twin Towers. Today Syms is another victim of our wrecked economy which was destroyed, in part, by the insane "war on terror" that grew out of the WTC attack. I have to wonder what Sy Syms thought when he first heard of the WTC attack.

remyngtin

The purchase of FB was a huge mistake and led to the company's demise

colonelcasey

Hmmm...I think it's time to go look for suits on fire sale.

michelalano

This sucks. I dream of being a wealthy New Yorker, but until then I've relied on places like Filene's. It's cheap with decent stuff and the customer experience is worlds better than Marshall's or TJMaxx (why don't THEY go out of business already?). Truly a bummer.