After two bankruptcy auctions stretching over parts of three weeks, Syms Corp. is looking to make quick work of the consummation of its purchase of Filene’s Basement.
Secaucus, N.J.-based Syms and Vornado Realty Trust on Monday emerged as the winning bidders for Filene’s with an offer said by sources to be $62.4 million for 23 stores, as well as fixtures and inventory. The bid will be considered at a hearing to be held at 5 p.m. today.
Syms said on Tuesday that, if the bankruptcy court approves the purchase agreement, it would consummate the deal “on or about” Thursday. The company declined to disclose terms of the transaction and hasn’t made known its plans for the branding and merchandising of the Filene’s stores.
In the fiscal year ended Feb. 28, Syms had a net loss of $3.4 million on sales that fell 9.4 percent to $242 million. Cash and cash equivalents were $1.8 million, down from $11.9 million a year earlier. Syms’ 32 off-price stores average about 50,000 square feet and its merchandise mix is dominated by men’s wear (53 percent of sales), followed by women’s wear (29 percent) and footwear (8 percent).
The largest store, in Westbury, N.Y., covers 92,000 square feet. Filene’s Basement units average 31,000 square feet, according to the 2008 annual report of its former parent firm, Retail Ventures Inc.
Crown Acquisitions became the stalking horse bidder for Filene’s upon the store’s bankruptcy filing last month. The Men’s Wearhouse Inc. on June 5 prevailed at the first bankruptcy auction, agreeing to pay about $67 million for 17 to 20 sites. But both Syms and Crown complained court-approved procedures weren’t followed and a second auction was held at which Men’s Wearhouse and Crown joined forces in an unsuccessful effort.
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye