Filene's packs it in
Retail Editor 5 -- Home Textiles Today, November 2, 2011
Wilmington, Delaware - Filene's Basement has filed for bankruptcy here for the third and final time, announcing it will liquidate its stores along with apparel discounter Syms, which bought Filene's out of bankruptcy a little over two years ago in partnership with realty/investment firm Vornado.
Filene's, which also restructured under Chapter 11 bankruptcy in the 1990s, expects GOB sales to conclude in January, according to a statement. Together, Filene's and Syms operate 46 stores, most of them on the East Coast.
In addition to the impact of the slack economy, ceo Marcy Syms cited stepped up competition from department stores and "a decline in buying opportunities as brand name labels have reduced overruns by improving their supply chain management."
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