Apparently, the third time isn’t a charm for discount department store Filene’s Basement. This is the third time they’re filing for bankruptcy in just over a decade, and sadly, this time it’s for good. Syms Corp., which owns Filene’s, also filed for Chapter 11.
Syms CEO Marcy Syms said the difficult decision was made due to factors like increased competition from stores offering the same brands at similar discounts and private label discount chains. Syms called this “the worst economic downturn in our lifetimes.”
Stores are expected to close around January 2012.
We loved the awesome sales at Filene’s, especially the amazing bridal sales. We’re sad to see the stores close. Did you shop at Filene’s, and if so, where will you do your discount shopping now?