End of the Line
Dec 3, 2011
Half a century ago, Sy Syms helped pioneer the sale of name-brand apparel and other goods at discount prices. Now, the company he founded is taking its own cue from his strategy: If you can't sell it, liquidate. Syms Corp. and its subsidiary, Filene's Basement LLC, filed for Chapter 11 bankruptcy protection Wednesday. The retailer, which put itself up for sale in May but found no buyers, said it will sell its inventory and real estate and shut down, rather than try to stay in business.