Posted by Sheila Shayon on November 4, 2011 02:57 PM
Filene's Basement, the American retailer famed for its "Running of the Brides" wedding dress sales, and sibling retailer Syms, known for its tagline "an educated consumer is our best customer," are now facing the ultimate markdown: chapter 11 bankruptcy.
Syms was founded in 1958 by Sy Syms, while Filene's dates back to 1909, when Edward Filene opened his first store (in Boston) to sell overstock from his family's department store located upstairs. Syms bought Filene's Basement out of bankruptcy in 2009.
"This has been a challenging time for Syms and Filene's Basement," said CEO Marcy Syms, Sy's daughter, in a statement explaining why the board approved filing for Chapter 11 bankruptcy protection with plans to liquidate and close the famed stores in the new year. "We have been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts."Continue reading...