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.
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