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Sorry Brides, Bargain Hunters: Filene's Basement Has Filed for Bankruptcy and Is Closing All of Its Stores

Filene's image via <a href="http://www.accessoriesmagazine.com/3523/filenes-basement-helps-syms-narrow-1st-quarter-loss">Accessories</a>
Filene's image via Accessories

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It looks like the world might be ending in 2012 after all: Filene's Basement has filed for bankruptcy, and will be closing all stores early next year. Boston.com's Business Updates reports that Filene's "has filed for bankruptcy protection for the third time in just over a decade and will shutter for good after the holiday season. Filene's Basement is owned by Syms Corp., which purchased the company out of bankruptcy in June 2009. Syms also filed for Chapter 11." If that legalese is confusing, it means no more Running of the Brides madness.

Liquidation will go through January, and the store closings will happen shortly after that, depending on how fast all the stuff goes. Via a press release, here's the official announcement of what is probably ruining a lot of people's Wednesdays: "Our board has conducted a rigorous assessment of all the strategic options and alternatives available and after careful consideration has come to the conclusion that a bankruptcy filing and liquidation is the best way of maximizing value for all stakeholders." R.I.P.
· Filene’s Basement files for bankruptcy, to close in 2012 [Boston.com]
· Syms and Filene's Basement File for Bankruptcy [Business Wire]
· Wedding Dress Mayhem at Filene's Basement Running of the Brides [Racked]