Legendary discounter Syms ("Where an educated consumer is our best customer") has filed for Chapter 11 bankruptcy protection and will be closing all of its stores as well as all of the stores of its subsidiary, Filene's Basement.
This means that all 46 stores will close putting about 2,500 employees out of work.
In the Philadelphia area, Syms will close its store in Cherry Hill as well as one off of Route 202 not far from the King of Prussia Mall. Syms and Filene's stores were largely scattered throughout the northeast.
Syms was known for never using the word "sale."
Items were marked down repeatedly until they sold. Special discount periods were called "Bash!"
When Syms first arrived in South Jersey it was a sensation. The store didn't even accept credit cards because it didn't have to. Crowds were huge.
But over the years the Syms proposition appeared less and less unique, especially as department stores heavily discounted their own merchandise and more carefully controlled inventory. Syms was also hurt by the rise of designer and brand-name "factory stores" and huge outlet centers that began selling specially-made merchandise at discounted prices.
Filene's was long since past its prime as well.
Founder Sy Syms started Syms in 1959, buying excess merchandise directly from manufacturers at a discount.
Filene's Basement was started in 1909 in Boston by William Filene, initially as a place for the Filene's department store to sell excess merchandise.
No comments:
Post a Comment