Sale of Syms’ and Filene’s Miami Property Okayed by U.S. Bankruptcy Court

by Isaac Benmergui, Esq on September 5, 2012

The U.S. Bankruptcy Court gave the go-ahead for the sale of the Syms Corp., which is the parent company of Filene’s Basement LLC, Miami property for $4.35 million to the initial bidder, Florida-based Independent Living Systems LLC. No other offers for the property had been made.

The sale, which was at fair market value, was for 3.6 acres with more than 5,000 square feet of buildings space in Miami. Syms bought Filene’s Basement in a bankrtupcy auction in 2009 for $64.4 million. At the time Syms had 25 stores and Filene’s had 21. In November 2011, Syms shut down operations, selling its remaining inventory after filing for bankruptcy protection.

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