Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Where Bargains Go To Die: Syms And Filene's Basement File For Bankruptcy
By
Ben Yakas
Published Nov 2, 2011
Modified Nov 3, 2011
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Ben Yakas
Published Nov 2, 2011
Modified Nov 3, 2011
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
Say goodbye to these bargains: Syms Corporation, including its subsidiary Filene's Basement, have filed for bankruptcy, and plan to close all 46 of their stores. Syms acquired Filene's Basement out of bankruptcy protection in the spring of 2009 for $62.4 million, but struggled to make the chain profitable again. “Blame the economy, blame the world. I wouldn’t call it expected, but I wouldn’t call it surprising,“ St. John’s University business professor Anthony Michael Sabino told the Post.
The two massive discount retailer stores employ about 2,450 people mostly in the Eastern U.S. Syms Corp was founded by Sy Syms in 1959, while Filene’s Basement goes back to 1909 and founder William Filene. This will also mean the end of Filene’s Basement “Running of the Brides” event, where hundreds of frenzied brides-to-be rummage through racks of wedding dresses at discount prices.
These closings seem indicative of another trend sweeping through NYC: according to a retail survey by the Center for an Urban Future, chain stores are not spreading as much, or even decreasing, as economic woes catch up with the city. They found that there are fewer chain stores in Manhattan than there were one year ago, and had a 2 percent decrease altogether. For the record: Dunkin’ Donuts still has the most stores in the city with 466.
Tagged
bankruptcy
clothing
dunkin' donuts
filene's basement
Shopping
stores
syms
Ben Yakas
Ben Yakas is a former Gothamist reporter.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Remote learning day for NYC schools means remote chance of learning, parents say
The remote day kicked off with a familiar ritual that began in the pandemic: kids struggling to log on.
By
Jessica Gould
Published Nov 3, 2026 at 3:23 p.m. ET
MTA posts record riders over Halloween, marathon week
The numbers highlight the MTA’s continuing post-pandemic recovery as it has campaigned to get people back on the trains after the COVID pandemic.
By
Ramsey Khalifeh
News
MTA posts record riders over Halloween, marathon week
The numbers highlight the MTA’s continuing post-pandemic recovery as it has campaigned to get people back on the trains after the COVID pandemic.
By
Ramsey Khalifeh
Floyd Bennett Field gets $10M for project to reopen historic hangars
By
Rosemary Misdary
Trump administration sends election monitors to NYC, NJ
By
Catalina Gonella
Child dies in raging Upstate New York measles outbreak
By
Caroline Lewis
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .