By Kevin McCauley
Linden Alschuler & Kaplan is handling the Chapter 11 filing of "off-price" retailer Syms Corp. and its Filene's Basement unit.
CEO Marcy Syms, daughter of founder Sy Syms, said in a statement that the 46 member chain was hurt by large departments mimicking its discount strategy and the growth of private label chains during the "worst economic downturn it our lifetimes."
She thanked Syms' "educated consumers and bargain hunters for their dedicated support over many years."
The liquidation of the Syms and Filene's stores is expected to run through January.
Syms was founded in 1959. Filene's, which opened in 1909, was acquired by Syms during a bankruptcy auction in 2009. Filene's recently emerged from bankruptcy, but was struggling to rebuild its customer base.
Syms lost $11.5M on $86.3M revenues during the quarter ended Aug. 27.
LAK president Steve Alschuler works the bankruptcy case.
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