Syms, Filene’s Enter Ch. 11 With Plans To Liquidate

Law360, New York (November 2, 2011, 3:05 PM EDT) -- Syms Corp. and subsidiaries including discount clothing retailer Filene's Basement LLC filed for Chapter 11 protection in Delaware on Wednesday — the third foray into bankruptcy for Filene's — with a goal of liquidation.

Upon approval from the bankruptcy court, Syms and Filene's Basement stores will conduct going-out-of-business sales through at least the end of the year, with all stores slated to close in 2012, according to the company. The companies will be jointly administered during the bankruptcy.

“Filing for bankruptcy and pursuing a liquidation of...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.