Thursday, November 17, 2011
Industry News: Decelerating
Filene’s Basement has filed for bankruptcy protection for the third time in 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. The liquidation of stores is expected to run through January 2012, the schedule to be determined as the liquidation of merchandise is completed. Filene’s Basement has about 21 stores. Before Filene’s Basement filed for bankruptcy in 2009, it shut down 11 locations. After the latest round of closings is finished in December, only 20 will remain...Dippin' Dots Inc. filed for Chapter 11 bankruptcy protection. The company has 140 Dippin' Dots retail locations, mostly controlled by franchisees, and agreements with 9,952 small vendors at fairs, festivals and sports games...Christopher & Banks will close about 100 underperforming stores over the next 3 months and will accelerate plans to convert or consolidate a number of existing Christopher & Banks and CJ Banks stores into dual-format stores. The retailer currently operates 761 stores in 45 states.