Filene's Basement Bankrupt

Discount clothing retailer Filene's Basement and its parent company Syms have declared bankruptcy and will close all stores nationwide on January 1st.

CEO Mary Syms, whose father Sy Syms founded the company in 1958 based on offering bargain prices for designer clothes, blamed the move on competition from department stores and private label discounters, plus the weak economy. “Filing for bankruptcy and pursuing a liquidation of our stores is not a step we took lightly,” Marcy Syms said in a statement on the company website Both chains plan to hold going-out-of-business sales beginning Black Friday, the day after Thanksgiving that kicks off the holiday shopping season. There are 21 Filene’s stores nationwide.

The giant Filene's in Union Square is probably the only clothing story I visit even semi-regularly.