Syms Corp. last week closed on its transaction to purchase the assets of bankrupt Filene’s Basement for $65 million, nearly three times the stalking horse bid of $22 million made by Crown Acquisitions in early May.
Sym’s wholly owned subsidiary, SYL LLC, acquired the majority of Filene’s Basement store leases, store fixtures and inventory.
Stifel, Nicolaus & Co. Inc. was the financial adviser to Syms. In addition, Vornado Realty Trust provided a portion of the funding for the transaction.
Marcy Syms, president and chief executive officer of Syms, said, “This is an excellent strategic opportunity for Syms.... We are confident that leveraging Filene’s assets with Syms’ infrastructure will provide for a stable and profitable business and will position Filene’s for renewed growth.”
More details about the integration of Syms and Filene’s Basement are expected this week. Crown was named the stalking horse bidder for Filene’s on May 4 as the off-price retailer previously owned by Retail Ventures Inc. filed for Chapter 11 bankruptcy protection.
Separately, Eddie Bauer Holdings Inc. on Thursday received Delaware bankruptcy court approval of its request to access $90 million of its $100 million debtor-in-possession financing facility from credit lenders Bank of America, GE Capital Corp. and CIT Group/Business Credit Inc. Final approval for the entire financing facility is set for July 7.
The specialty chain filed its Chapter 11 petition on Wednesday, the same day it entered into a stalking horse agreement with Rainier Holdings, an affiliate of CCMP Capital Advisors, for the sale of Bauer’s operation for $202 million in cash.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion