As the year winds down, the annual parade of retailers headed for bankruptcy and liquidation has begun. This morning, Syms Corp. announced it was filing for Chapter 11 protection for both itself and Filene's, which became its subsidiary in 2009.
Syms plans to liquidate the remaining 21 Filene's stores after the end of this holiday season. The company partly blames the current economic environment for the troubles the chains have faced.
In a statement, Syms chief executive Marcy Syms said that fierce competition, along with the “worst economic downturn in our lifetimes,” were among the reasons for the move.
Filene's Basement has been in operation since 1908.
The liquidation of its stores will have a macro impact on the retail real estate sector, delivering more vacant space to an already strained market, and might also further complicate the redevelopment of the Downtown Crossing area in Boston.
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