Syms Purchases Filene's Leases, Inventory, and Corporate Facilities in Bankruptcy

June 10, 2009
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Retailer Syms Corp. is now the highest and winning bidder in the bankruptcy auction for assets of Filene's Basement. A hearing to authorize the debtor to enter into Syms' asset purchase agreement was scheduled for June 17. If approved by Bankruptcy Court, Syms expects to consummate the acquisition of the vast majority of the current operating Filene's Basement store leases, store fixtures, and inventory on or about June 18. Previously, it appeared that an affiliate of Men's Wearhouse would be the winning bidder, but that fell through in a hearing in Federal Bankruptcy Court last week. The Men’s Wearhouse bid included approximately $5 million associated with potential litigation revolving around Filene’s lease at the currently inactive Downtown Crossing redevelopment location in Boston.