The joint-venture combination of Syms Corp. and Vornado Realty Trust emerged victorious in the Filene’s Basement bankruptcy auction after coming up short in the first round, financial sources said.
Syms, the off-price chain based in Secaucus, N.J., and Vornado beat out the team of The Men’s Wearhouse Inc. and Crown Acquisitions with an offer of $62.4 million for 23 stores, sources said. Although Men’s Wearhouse and Crown bid more — $64.9 million — the Syms-Vornado proposition included more units.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"