Filene's Calls it Quits

WILMINGTON, DEL. - Filene's Basement has filed for Ch. 11 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."
     In its filing, the company listed $236 million in assets and approximately $94 billion in liabilities.
     The company in its filing said vendors and factors have restricted trade credit in recent months, and factors had begun requiring additional security on Filene's orders.
     For the six-month period ended Aug. 27, the company posted a loss of $16.7 million. In the previous fiscal year, ended Feb. 26, 2011, the loss before income taxes was $51.7 million, according to the filing.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.


HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!