LIQUIDATION ALERT: So Where's The Sale?

Since Syms and Filene's Basement announced their joint liquidation last week, lots of sale-minded folks have been poised to attack the stores the minute the final clearances start.... except they don't seem to be happening just yet.

Our guess is that it's because this Chapter 11 bankruptcy included a voluntary liquidaton plan. Syms Corp. decided to close down itself, after previous bankruptcies at Filene's Basement which it purchased, rather than having a court decide for them what would happen. This way, we are guessing, the company has more control over when and how it will close down. Hilco Merchant Resources and Gordon Brothers Retail Partners have been hired to conduct the sales, and earlier reports indicated that the closing sales will begin just before Black Friday, so look for them to start in about a week and a half or so.

Will you want to go? It's not as if you will miss them. The company's stores will likely be plastered with neon-bright Going-Out-Of-Business posters. Imagine the crush of people looking for discounts on already discounted merchandise during the Holiday season. Will you want to endure that? If you already shop there regularly, then you probably do, but off-price shopping is usually a hit-or-miss proposition at best, so think about the time and effort involved vs. the likelihood of finding something you actually want. Remember, these stores are going out of business for a reason.

Previously:
Liquidation Alert: Say Goodbye To Syms & Filene's Basement