An auction scheduled this week to sell off the intellectual property of Filene’s Basement and its parent company Syms Corp. has been called off indefinitely until the creditors can decide on a plan to close out the bankruptcy case. The sale of the assets, including the Filene’s Basement and Running of the Brides names, had already been delayed once to allow more time for firms to submit offers. Several unnamed bidders submitted proposals by last week’s deadline. But unresolved issues over the direction of the reorganization prompted the cancellation of this week’s auction, according to Jack Hazan of Hilco Streambank, the Newton advisory firm hired to oversee the sale of the intellectual property.
“While there were significant expressions of interest and numerous bids submitted, the debtors and their creditor representatives are in the midst of plan negotiations that may contemplate other alternatives for those brands,” Hazan said.