U.S retailer Syms files for bankruptcy
NEW YORK — Syms Corp. clothing company and its affiliate, Filene’s Basement, have filed for Chapter 11 bankruptcy protection.
“This has been a challenging time for Syms and Filene’s Basement,” said Syms Corp. CEO Marcy Sims last week when announcing the bankruptcy. “We have been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts.”
Well-known Jewish philanthropist Sy Syms founded discount clothing company in 1958, gearing his store’s merchandise and service to “educated consumers.” He also established Yeshiva University’s Syms School of Business in 1987.
Edward Filene founded Filene’s Basement in 1909. This will be the second time the fashion retailer filed for bankruptcy. The first time occurred in 2009, when Filene’s Basement was sold to Syms Corp. in a resuscitation effort.
There are 25 Syms and 21 Filene’s Basement stores across the United States and the company employs 2,500 people. Both chains plan to go out of business by the end of January.