Syms Corp bought Filene's Basement for $63 million back in 2009, but now they've decided to file for Chaper 11 bankruptcy.
They have assets of $236 million. They don't have any "viable bids" for the business. So the company plans to liquidate this holiday season!
The rise of internet shopping is a major factor in the downfall, but what is their loss is our gain!
There are gonna be some "serious discounts" at the 25 Syms locations as well as the 21 Filene's Basements.
The going-out-of-business sales are set to begin BEFORE Black Friday this year and last on throughout January.
[Image via AP Images.]
Tags: black friday, filenes basement, going out of business, sales, shopping, syms corp