Macy’s Inc. lost a bid in a Delaware bankruptcy court Wednesday to bar bankrupt Syms Corp./Filene’s Basement from transferring the Filene’s Basement nameplate.
Macy’s owns the Filene’s Basement trademark, but Syms’ estate holds the perpetual, exclusive royalty-free license. Under the bankruptcy court’s ruling, Syms is free to monetize the nameplate, as it can other assets it holds, such as the “Running of the Brides” marketing tag.
Syms on Thursday received bankruptcy court approval of its plan of reorganization, paving the way for the restructured company to exit bankruptcy proceedings.
The company will change its name and exist as an entity holding primarily real estate assets, such as the location in downtown Manhattan on Trinity Place.
Lauren Krueger is the new chief executive officer and is associated with one of Syms’ hedge fund creditors in the bankruptcy.
As part of the restructuring, all lawsuits that had been filed by creditors against the defunct retailer have been dropped.