Syms clothing company and its affiliate, Filene’s Basement, filed for Chapter 11 bankruptcy.
“This has been a challenging time for Syms and Filene’s Basement,” said Syms Corp. CEO Marcy Sims Wednesday 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 Syms 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.
Filene’s Basement was founded in 1909 by Edward Filene. This will be the second time the fashion retailer filed for bankruptcy. The first time was in 2009, when Filene’s Basement was sold to Syms Corp. in a resuscitation effort.
Nationwide, there are 25 Syms and 21 Filene’s Basement stores. Both chains plan to go out of business by the end of January.