Discount clothing retailer Syms Corp. filed for bankruptcy Wednesday along with its Filene's Basement chain and said both plan on going out of business rather than reorganizing.
"This has been a challenging time for Syms and Filene`s Basement. We have been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts," said Chief Executive Marcy Syms in a statement.
The company 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 United States.