Discount clothing retailer Syms filed for bankruptcy protection on Wednesday, along with its Filene's Basement chain, and said both plan on going out of business rather than reorganizing, according to CNBC.
"This has been a challenging time for Syms and Filene's Basement," said Chief Executive Marcy Syms in a statement. "We have been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts."
The company [SYMS 8.49 0.82 (+10.69%) ] said it expects both chains to complete the going out of business sales by the end of January. Combined the two chains operate 46 stores mostly on the East Coast of the U.S...
Read more at http://www.cnbc.com/id/45131767
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