Investors Should See Payout In Syms, Filene's Ch. 11: Atty

Law360, New York (November 4, 2011, 7:53 PM EDT) -- An attorney for Syms Corp. and Filene’s Basement LLC said in Delaware on Friday that he expected the Chapter 11 liquidation of the clothing retailers to not only pay off creditors, but provide a recovery for shareholders as well.

Jay Goffman of Skadden Arps Slate Meagher & Flom LLP, an attorney for the affiliated companies, said that Syms, unlike Filene’s, owns the real estate that its stores occupy and these “very valuable” assets would likely generate enough cash for some return to equity.

“It’s rare on...
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