Syms And Filene’s Liquidating…Lots Of Dirt Cheap Goods In The Meantime!
11:47 am, November 2nd | by Hillary Reinsberg
Attention, holiday shoppers. Famed discount retail group Syms is liquidating and filing for bankruptcy protection. Seems like bankruptcy’s a bit of a theme this week? At least this one may get you some discounted Christmas gifts?
Syms, the publicly traded company that also owns Filene’s Basement, announced its plans to file for bankruptcy protection and liquidate the company before the end of the year. The chain of discount stores had no other options after facing tighter credit and major operating losses for the past two years, the Wall Street Journal explains.
Syms, interestingly, came to own Filene’s Basement when Filene’s went bankrupt and Syms stepped in to buy it. Sad coincidence.
The company’s leadership had reportedly shopped around for a potential buyer but ultimately decided that the best option was to liquidate. What does that mean for us? Huge sales! The company also owns some highly valuable real estate in which the stores are housed, so there’s that to sell off to some high bidders.
The company says the liquidation will take place by the end of the year.
You all know what that means, right? Two months to stock up on some seriously cheap clothing.