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Syms / Filene's Basement filing for Chapter 11 bankruptcy, announce plans to liquidate

post #1 of 12
11/2/11 at 7:07am
Thread Starter 
Knew this would be of interest to many of the forum denizens:

Remains to be seen if someone will swoop in and buy them up... filing Chapter 11 seems to ensure they're holding the door open for that.

http://www.nytimes.com/aponline/2011/11/02/business/AP-US-Syms-Filenes-Bankruptcy.html?hp

If it makes anyone feel any better, the Filene's in Columbus near me already closed - announced October 19, slammed the doors October 23. So I share your pain in some small degree.
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post #2 of 12
11/2/11 at 7:23am
Since Syms bought them a couple of years ago my location has been in free-fall in terms of stocking anything of interest. A couple months ago, my last time in the store, the manager told me that they stopped getting shipments of their "designer merchandise" altogether. Not too sad to see it go.

That said, if they have a big going out of business sale I'll definitely be interested in sifting through the rubble.
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post #3 of 12
11/2/11 at 8:56am
Thread Starter 
Here's the press release:

http://www.businesswire.com/news/home/20111102005814/en/Syms-Filene%E2%80%99s-Basement-File-Bankruptcy

And here's details for those of you interested in that sort of thing:

http://www.kccllc.net/filenes
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post #4 of 12
11/2/11 at 9:23am
Quote:
Originally Posted by bourbonbasted View Post

A couple months ago, my last time in the store, the manager told me that they stopped getting shipments of their "designer merchandise" altogether.

I wonder if some other discount store offered the liquidators a better price.
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post #5 of 12
11/2/11 at 10:09am
pretty sad but it's probably a goner. Buyout guys still have a lot of money to invest and if they haven't stepped in yet, my guess is the economics are too weak.

Union Square will have a pretty big retail space if they do go under. Too bad, I've scored some good items over the years from FB...
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post #6 of 12
11/2/11 at 10:20am
Interesting that given the economic climate of the past 3 years a deep discount store still couldn't make it. Probably a case study in here about brick & mortar vs the internet. An add-on to the Borders story.

Looks like all of the liquidation proceeds will go to pay fees - Skadden Arps, Rothschild, et al, aren't exactly the cheapest advisors in town.

Will Occupy Wall Street find a way to blame this on bankers?
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post #7 of 12
11/2/11 at 11:05am
Quote:
Originally Posted by CousinDonuts View Post

Interesting that given the economic climate of the past 3 years a deep discount store still couldn't make it. Probably a case study in here about brick & mortar vs the internet. An add-on to the Borders story.
Looks like all of the liquidation proceeds will go to pay fees - Skadden Arps, Rothschild, et al, aren't exactly the cheapest advisors in town.
Will Occupy Wall Street find a way to blame this on bankers?

+1. Sounds like a Borders story. Company sounds like it's in bad shape and no one want to pick up the liability.
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post #8 of 12
11/2/11 at 3:13pm
Quote:
Originally Posted by CousinDonuts View Post

Interesting that given the economic climate of the past 3 years a deep discount store still couldn't make it. Probably a case study in here about brick & mortar vs the internet. An add-on to the Borders story.
Looks like all of the liquidation proceeds will go to pay fees - Skadden Arps, Rothschild, et al, aren't exactly the cheapest advisors in town.
Will Occupy Wall Street find a way to blame this on bankers?

In their press announcement they stated that one of the big problems they faced was that other retailers were able to offer the same goods at similar discounts. So I'm not so certain that it's simply a case of a deep discount store not being able to make it in tough economic times but perhaps that other stores with more (perceived or real) value add were able to enter their market and compete effectively.

From the release:
"This has been a challenging time for Syms and Filene`s Basement. We have been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts," said Chief Executive Marcy Syms in a statement.
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post #9 of 12
11/2/11 at 4:40pm
The stores in Boston haven't been interesting for years. They used to get merchandise from Louis, Barneys, Borelli, Marios, Loro Piana, Bergdorfs and so many more. No clue what stores if any carry that quality of merchandise and deep discount.
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post #10 of 12
11/2/11 at 5:46pm
Quote:
Originally Posted by rjsphd View Post

The stores in Boston haven't been interesting for years. They used to get merchandise from Louis, Barneys, Borelli, Marios, Loro Piana, Bergdorfs and so many more. No clue what stores if any carry that quality of merchandise and deep discount.

Not LI, thats for sure. Its been shit for a long time. Wont miss it now.
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post #11 of 12
11/4/11 at 5:23am
frown.giffrown.giffrown.gif

The Newton, MA store had decent stuff. I bought my first double-breasted suit from Filene's Basement when I was in college. Now all we have are the TJX/Marmaxx brands to shop and Nordstrom Rack. I'm going to miss both Syms and Filene's Basement.
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post #12 of 12
5/22/12 at 9:45am
I know this is a little old, but I was wondering if anyone could tell me where I could find similar deals now that Syms is closed. I have a small budget for suits as a non profit attorney, and I remember finding at Syms, suits for as little as 125.00 (Jones NY, Bill Blass) and Burberry/Hickey Freeman suits for 250-300. I am in White Plains, NY with a car, so anywhere within a few hours would be fine. I am primarily interested in a stable of charcoals, navy, and grey suits. I see the ads for Jos A. Bank, but they seem to run against the Men's Wearhouse (which I bought from when I was in middle school). Is Jos A. Bank better? Either way where are the discounted designer suits now that Syms is gone? Thanks. I've been reading the board for a long time, and you guys are great.
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