Syms Corp. CEO Marcy Syms addressed the public Wednesday after the retailer, which also operates the iconic Filene's Basement brand, filed for Chapter 11 bankruptcy protection.
Syms, which opened itself to potential buyers in May but found no takers, plans to close all 46 of its stores. The company employs approximately 2,450 people.
In stark contrast to MF Global's brief bankruptcy filing press release, Syms offered an explanation for its filing. She said the company has "been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts; a proliferation of private label discount chains; a decline in buying opportunities as brand name labels have reduced overruns by improving their supply chain management – all combined with the worst economic downturn in our lifetimes."
New York-based LA&K PR, which is handling press inquiries for the Syms' filing, has not returned phone calls seeking comment.