Filene’s Basement Stores To Close, Including In NYC | Roland Martin Reports

Filene’s Basement Stores To Close, Including In NYC

Source: NBC New York

Discount retailer Syms Corp. and its subsidiary Filene’s Basement have filed for bankruptcy protection and plan to close all 46 of their stores, including two in Manhattan.

Syms, based in Secaucus, N.J., acquired Filene’s Basement out of bankruptcy protection in the spring of 2009 for $62.4 million, but struggled to turn the chain around. This is the third bankruptcy protection involving the Filene’s Basement chain.

Syms and Filene’s Basement stores are located mostly in the Eastern U.S. and employ about 2,450 people, the company said.

To read this article visit NBC New York.