Filene S Basement

Syms Corp., the owner of Filene's Basement, announced today that both companies have filed for bankruptcy protection under Chapter 11. Rather than reorganize its finances and continue operating, though, Syms said it concluded that liquidation was the best move for shareholders. The 102-year-old Filene's had been in bankruptcy in 2009 when Syms, founded in 1959, acquired the retailer's assets in a bankruptcy auction. But a turnaround wasn't possible. In a statement, Syms CEO Marcy Syms said: “This has been a challenging time for Syms and Filene's Basement.

Best Buy will close its Inner Harbor and Hunt Valley stores in May, part of a move to shutter 50 locations across the country. Company officials said in a news release that the stores were temporarily closed to inform employees of the decision Saturday, and they will permanently close May 12. Best Buy has been struggling against online competitors, and its chief executive officer abruptly resigned last week amid reports of an inappropriate relationship...

Filene's Basement warned state regulators Monday that it expected to close its Baltimore and Rockville stores in January, laying off 68 people. The discount clothing retailer and its parent, Syms Corp., filed for bankruptcy protection last week and asked for court approval to liquidate their assets. Filene's Basement told the state Department of Labor, Licensing and Regulation that layoffs would affect 31 employees at its Inner Harbor store and 37 employees in Rockville. Both locations are expected to shut down Jan. 9. jhopkins@baltsun.com twitter.com/RealEstateWonk Text BUSINESS to 70701 to get Baltimore Sun Business text alerts

Filene's Basement says its going-out-of-business sale kicks off today in Baltimore and other locations. Similar liquidation sales will be held at Syms stores in other states. More than $100 million worth of merchandise at the 39 stores will be up for sale, the retailer says. Discounts will run up to 30 percent off. Gift cards will be accepted, although any purchased made today or later will be final. Filene's has a store at 600 E. Pratt St., near the Inner Harbor in Baltimore, as well as three stores in neighboring Washington.

Bargain-hunter alert: Filene's Basement is coming to Manhattan. The Boston-based chain of discount fashion stores started work last week on a 33,000-square-foot store with two selling floors, at 2222 Broadway, on the corner of 79th Street. Nov. 5 is the planned opening date.Finding a location on the Upper West Side near Zabar's, Conran's and Barnes & Noble was a key factor in the plan, said Samuel J. Gerson, the chairman and chief executive of Filene's Basement. "This is the heart and soul of fashion retailing," he said.

With an hour left to kill, the ladies are antsy. Fueled by coffee, tired of the all-night card games, armed with walkie-talkies, they are ready for the doors of Filene's Basement to open. Some are wearing matching T-shirts, so that they can better spot their allies when things get chaotic, as they know they will. One group, clutching pictures torn from magazines, is in pink. Another group has chosen camouflage. They are taking no prisoners. Deeply discounted bridal gowns are at stake.

Nearly 18 years after Baltimore bid farewell to its last department store, downtown is welcoming back large-scale retail - a Filene's Basement. Though the bargain-lover's outlet isn't the traditional type of department store lodged in the memories of many Baltimoreans, development officials say its arrival heralds a shopping renaissance for the city and the cementing of what's becoming a nascent Baltimore shopping district. "Without a doubt it's the sign of a comeback," said Downtown Partnership President Kirby Fowler.

Linda Parsons hadn't been in the new Filene's Basement in Towson five minutes before she scooped up four designer purses - Nine West and Ellen Tracey, if you must know - in this season's bright colors and at less than half the normal prices. The 51-year-old retired state government worker has shopped "the Basement" for 25 years, ever since the days when she had to wear a bathing suit to try on clothes at the flagship Boston store, which was famously devoid of dressing rooms. "Once you start coming you can't stop," she said.

The clock crept toward 8 a.m. inside Filene's Basement in Towson yesterday, where 1,200 wedding gowns were lined up like soldiers on neat racks, an untouched mural of white and cream. Filene's staff was locked down like pros. "It's 7:55," one called out. "Everybody knows to hold the racks down, right?" And then the doors opened, propelling more than 400 women into the store, running, screaming and threatening to mow down any person or thing getting between them and The Perfect Dress. The racks didn't stand a chance.

Best Buy will close its Inner Harbor and Hunt Valley stores in May, part of a move to shutter 50 locations across the country. Company officials said in a news release that the stores were temporarily closed to inform employees of the decision Saturday, and they will permanently close May 12. Best Buy has been struggling against online competitors, and its chief executive officer abruptly resigned last week amid reports of an inappropriate relationship...

Filene's Basement warned state regulators Monday that it expected to close its Baltimore and Rockville stores in January, laying off 68 people. The discount clothing retailer and its parent, Syms Corp., filed for bankruptcy protection last week and asked for court approval to liquidate their assets. Filene's Basement told the state Department of Labor, Licensing and Regulation that layoffs would affect 31 employees at its Inner Harbor store and 37 employees in Rockville. Both locations are expected to shut down Jan. 9. jhopkins@baltsun.com twitter.com/RealEstateWonk Text BUSINESS to 70701 to get Baltimore Sun Business text alerts

Syms Corp., the owner of Filene's Basement, announced today that both companies have filed for bankruptcy protection under Chapter 11. Rather than reorganize its finances and continue operating, though, Syms said it concluded that liquidation was the best move for shareholders. The 102-year-old Filene's had been in bankruptcy in 2009 when Syms, founded in 1959, acquired the retailer's assets in a bankruptcy auction. But a turnaround wasn't possible. In a statement, Syms CEO Marcy Syms said: “This has been a challenging time for Syms and Filene's Basement.

The Junior League of Baltimore will hold its annual Boutique Warehouse Sale this weekend at Hunt Valley Towne Center, in the space next to DSW that used to be a Filene's Basement. Doors open at 7 p.m. Friday night for the "Cupcakes and Cocktails" Happy Hour. For the $20 ticket price, shoppers get early access to fashions from boutiques in the baltimore area, including Jones & Jones , La Papillon and the Lil Lamb Shop . Admission is free from 9 a.m. to 5 p.m. Sat., Sept.

Judge approves new owner for Filene's Basement NEW YORK - Filene's Basement has a new owner. A bankruptcy judge on Wednesday approved Syms Corp. and Vornado Realty Trust's $62.4 million bid for the company. The off-price chain filed for Chapter 11 bankruptcy protection in May and sought a buyer. After Filene's announced last week that Men's Wearhouse was buying it, other bidders objected and said Men's Wearhouse didn't meet the court's requirements. A judge in U.S. Bankruptcy Court in Wilmington, Del., directed Filene's last week to reopen the auction.

Filene's Basement in Baltimore's Inner Harbor will remain open after all, since a new buyer emerged Monday for the bankrupt off-price retail chain. Discount retailer Syms Corp. and Vornado Realty Trust won an auction for the New England-based chain in a $62.4 million deal to buy 23 of the retailer's 26 stores, said Gerry Corrigan, managing director of Abacus Advisors, which is helping Filene's with the restructuring. The deal, which is expected to be approved by the bankruptcy court as soon as Thursday, comes less than a week after a winning bid by Men's Wearhouse, which would have closed the Baltimore location in mid-June, was declared invalid by a judge.

Retailer Filene's Basement is trying to renegotiate leases and maintenance fees with the landlords of its Towson and Hunt Valley stores as it tries to cut costs amid a weak retail environment. The retailer has been discounting everything in stock at the two stores and not taking returns on new purchases, sometimes a sign that a shop is preparing to close. But President Mark Shulman said that Woburn, Mass.-based Filene's, which moved to the Baltimore area in 2004 and has four stores in the region, is not at the point of closing.

Filene's Basement says its going-out-of-business sale kicks off today in Baltimore and other locations. Similar liquidation sales will be held at Syms stores in other states. More than $100 million worth of merchandise at the 39 stores will be up for sale, the retailer says. Discounts will run up to 30 percent off. Gift cards will be accepted, although any purchased made today or later will be final. Filene's has a store at 600 E. Pratt St., near the Inner Harbor in Baltimore, as well as three stores in neighboring Washington.

Filene's Basement in Baltimore's Inner Harbor will remain open after all, since a new buyer emerged Monday for the bankrupt off-price retail chain. Discount retailer Syms Corp. and Vornado Realty Trust won an auction for the New England-based chain in a $62.4 million deal to buy 23 of the retailer's 26 stores, said Gerry Corrigan, managing director of Abacus Advisors, which is helping Filene's with the restructuring. The deal, which is expected to be approved by the bankruptcy court as soon as Thursday, comes less than a week after a winning bid by Men's Wearhouse, which would have closed the Baltimore location in mid-June, was declared invalid by a judge.

Filene's Basement opens officially today Filene's Basement will officially open today at 9031 Snowden Square Drive, in Columbia, the former location of Best Buy. The facility has been renovated to accommodate its new tenant. "It was completely gutted, down to the bones," said store manager Steve Andrews. "We put in new tile, new carpeting, upgraded lighting, and naturally all our fixturing is brand new." A ribbon-cutting ceremony is planned at 9:30 a.m. today. Filene's offers European and American name-brand and designer women's, men's and children's clothing, and some home furnishings and accessories, Andrews said.

FILENE'S BASEMENT 600 E. Pratt St. / / 410-685-2637 Open 9:30 a.m.-9:30 p.m. Monday-Friday; 9:30 a.m.-10 p.m. Saturday and 11 a.m.-7 p.m. Sunday If you're up for some department-store rummaging, Filene's Basement is the latest addition to Baltimore's Inner Harbor. Stacks of pastel polo shirts sit neatly folded, racks of floral dresses hang in orderly rows and spring colors pop from every corner of the newly opened store, which welcomed downtown shoppers at the end of March. The occasional tease of a sunny day has bargain hunters on the prowl for warm-weather attire.