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Syms And Filene's Unit Seek Bankruptcy Protection

Discount retailer Syms Corp. and its subsidiary Filene's Basement have filed for bankruptcy protection and plan to close all 46 of their stores.

Syms acquired Filene's Basement out of bankruptcy protection in the spring of 2009 for $62.4 million, but struggled to turn the chain around. They own and run stores mostly in the Eastern U.S. under the Syms and Filene's Basement names. The stores employ about 2,450 people, the company said.

This program aired on November 2, 2011. The audio for this program is not available.

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