More than 100 years after opening underneath a Boston department store, it’s the end of the road for discount clothing store Filene’s Basement, which filed for bankruptcy this morning along with parent company Syms.
Rather than try to salvage and restructure the stores, Syms Corp. says the plan is to simply go out of business.
“This has been a challenging time for Syms and Filene`s Basement,” said Chief Executive Marcy Syms in a statement. “We have been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts.”
Going out of business sales at both Filene’s and Syms are expected to be completed by January. So if you scoop up any holiday shopping deals at one of these sales, remember that you won’t be able to return it.
Filene’s Basement originally started in the early 20th century as a way for Boston dept. store Filene’s to sell overstock and other closeout items at a discount. The Basement chain was eventually spun off into its own business.
The store first filed for Chapter 11 bankruptcy protection in 1998 and was compelled to close around 30 outlets. It was passed around among a number of new owners and shuttered another 11 stores in early 2009. Later that same year, the Basement was purchased by Syms at a bankruptcy auction.
For those of us who bought most of our middle and high school clothing at Filene’s, the store will be missed.
Retailers Syms, Filene’s Basement going out of business [Chicago Tribune]