Robert H. Smith School of Business
The Motley Fool

Market Foolery Featured Podcasts

  • MarketFoolery: 09.30.2014
    On today’s show the guys discuss eBay’s breakup with PayPal, Mark Fields’ tough week at Ford, and what the future holds for GoPro.
  • MarketFoolery: 09.29.2014
    DreamWorks Animation soars on reports it’s about to be bought by SoftBank.  Starboard Value makes a public push for Yahoo to buy AOL.  We analyze those stories and dip into the Fool Mailbag.
  • MarketFoolery: 09.25.2014
    Bending phones and iOS 8 glitches, which is worse for Apple?  The FAA will allow movie and TV studios to use flying drones.  Are delivery companies next in line?  Plus we dip into the Fool Mailbag and discuss whether FOX, CBS, Yahoo and NBC will bid for the services of ESPN columnist Bill Simmons.
Capital Business
Posted at 06:02 PM ET, 11/02/2011

Filene’s Basement to close all four local stores

Another major retailer bites the dust.

Syms Corp. bought discount clothes seller Filene’s Basement out of
Filene’s Basement will close all 46 of its stores, the chain announced Wednesday. (Tannen Maury - Bloomberg)
bankruptcy in 2009, but has not been able to revive the chain. The company announced Wednesday that it is filing for bankruptcy and plans to close all 46 of its stores, including four in the Washington area.

The chain currently has three locations in the District, at 529 14th Street (in the National Press Club building), at 1133 Connecticut Ave. and in the Mazza Gallerie at 5300 Wisconsin Avenue. It has a store in Rockville, at 11840 Rockville Pike, as well as in Baltimore’s Inner Harbor.

Syms expects the closures to be complete by January of 2012 — after the holiday shopping season — but has not announced a timeline for specific stores. Staff at the Filene’s Basement stores in Rockville, Friendship Heights and the National Press Club building declined to comment.

The local stores average about 30,000 square feet per store, meaning the closures will open up about 150,000 square feet of space in the area.

Filene’s joins a growing list of well-known retailers that have had difficulty outlasting the sluggish economy and decided to either close up altogether or pull back, creating holes in shopping centers, malls and downtown streets. All Borders book stores have liquidated and many of the vacancies have not been filled, including those downtown and in Friendship Heights. Lowe’s also announced last month that it would close 20 stores.

You can read the Syms bankruptcy filing here .

Staff reporter Danielle Douglas contributed to this report.

By  |  06:02 PM ET, 11/02/2011

 
Read what others are saying
     

    © 2011 The Washington Post Company