Bankrupt discount-clothing retailer Syms Corp. and its Filene’s Basement LLC unit won court approval to conduct going-out-of-business sales to liquidate their inventory.
US Bankruptcy Judge Kevin Carey said yesterday that he will approve the company’s agreement with a joint venture of Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC to run the liquidation sales.
The going-out-of-business sales will start today at 14 Filene’s Basement stores, 19 Syms locations, and six combined locations, Gordon Brothers said in a statement last night.
Syms and Filene’s Basement gift cards will be honored throughout the sale, the statement said.
Sales at Syms and Filene’s have continued to fall due to the prolonged economic decline, which has diminished consumer confidence and discretionary spending, and competition from other discount retailers, according to court documents.