Syms who have been around for more than 50 years, filed for Chapter 11 bankruptcy and will close its nationwide stores, including its subsidiary Filene’s Basement, by January. Hit the jump to read the rest of the story.
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CEO Mary Syms, whose father Sy Syms founded the company in 1958 based on offering bargain prices for designer clothes, blamed the move on competition from department stores and private label discounters, plus the weak economy.

“Filing for bankruptcy and pursuing a liquidation of our stores is not a step we took lightly,” Marcy Syms said in a statement on the company website.

“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.

“All these factors affected both chains and they came at a time when Filene’s Basement, which was just emerging from bankruptcy, was already waging an uphill battle to rebuild its customer base.”

Based in Secaucus, N.J., Syms has 25 stores across the U.S., including Manhattan locations on Broadway and 79th St. and Trinity Place in the Financial District.

The bankruptcy came as sad news to customers at the Trinity Place store.

“I hate the idea of them going bankrupt,” said Mone’ Angus, a Brooklyn student. “They have too many different clothes for different occasions for a decent price. They were even one of my first real employers when I was younger.”

“I’m upset because they have quality suits every week it seems, and [on\] discount, too,’ said Charley Tompkins, 53, of Manhattan. “To see them go under is a hurt to my closet.”

Syms, whose TV ads for years famously stated “an educated consumer is our best customer,” bought Filene’s Basement at auction in 2009 after the 102-year-old discount chain, known for its “Running of the Brides” wedding dress sale event, had filed for bankruptcy for a second time in a decade.

Both chains plan to hold going-out-of-business sales beginning Black Friday, the day after Thanksgiving that kicks off the holiday shopping season.

There are 21 Filene’s stores nationwide. Combined, the chains employ about 2,500 workers.
DN