November 2: Syms and Filene’s Basement file for bankruptcy.
Company CEO Marcy Syms said in statement the two discount chains were burdened by increasing competition from department stores offering the same brands at similar discounts and by a rising number of private label discounters. She also said there was less overstock for her company to buy as businesses continue to manage their inventory carefully during the tough economy.
“The expansion is giving another area of the city a chance for everyone to look good all the time,” said Director of Organizational Effectiveness Boyd Howell. … “Brand-driven guests can come in and find their brand instead of having to dig through hoping they’ll find something.”