Going-Out-of-Business Sale Begins Wednesday, November 16th at the Remaining 39 SYMS and Filene's Basement Stores in 12 States and the District of Columbia

BOSTON, Nov. 15, 2011 /PRNewswire/ -- A huge going-out-of-business sale begins Wednesday, November 16, 2011 at 19 SYMS, 14 Filene's Basement and 6 combined store locations in 12 states and the District of Columbia.  As the holiday season approaches, discounts up to 30% off the lowest ticketed price will be offered on all merchandise at every location.

Incredible values can be found on over $100 million worth of inventory, including men's and  women's business attire, sportswear, outerwear and children's apparel, many carrying famous name designer labels.  A large selection of accessories, toys, gifts and more is also offered at savings up to 30%.  In conjunction with the inventory sale, SYMS and Filene's Basement will be selling all store furniture, fixtures and equipment, including shelving, apparel racks, lighting, chairs, tables and more.

Marcy Syms, CEO of SYMS Corp., stated, "My father used to say 'an educated consumer is our best customer'. As we mark the end of an era for these two retail chains, I encourage all of our loyal customers to take advantage of this one-time opportunity to find exceptional discounts on all merchandise as the holiday season begins."

Both SYMS and Filene's Basement gift cards will be honored throughout the sale. All sales made on or after November 16 are final. Returns made on any merchandise purchased prior to November 16, 2011 will be handled in compliance with existing return policy for SYMS and Filene's Basement.

The going-out-of-business sales were approved by the U.S. Bankruptcy Court in the District of Delaware in connection with bankruptcy petitions filed by SYMS and Filene's Basement and are being managed by a joint venture between Gordon Brothers Group, LLC and Hilco Merchant Resources, LLC.  A spokesperson for the joint venture said, "We expect this will be a short sale as consumers get a jump on their holiday shopping. Those who act quickly will have the best opportunity to take advantage of terrific values and choose from the broadest product selection."

Be sure to continually check the SYMS and Filene's Basement websites (www.syms.com and www.filenesbasement.com) throughout the sale for updates and more.

Syms Corp. was founded by Sy Syms in 1959.  Filene's Basement traces its roots back to 1909 and founder William Filene. SYMS acquired assets of Filene's Basement, Inc., which had filed for bankruptcy, in a bankruptcy auction in 2009. Syms Corp. and Filene's Basement, LLC collectively own and operate 46 "off-price" apparel stores (7 of which are already in the process of closing) located predominantly on the east coast of the United States under the "SYMS" name (which, together with co-branded SYMS/Filene's Basement stores, are owned and operated by Syms Corp.) and the "Filene's Basement" name (which are owned and operated by Filene's Basement, LLC).

About Gordon Brothers Group, LLC

Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors.  Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, appraising assets, providing debt financing, making private equity investments, and operating businesses for extended periods.  Gordon Brothers Group conducts over $50 billion in transactions and appraisals annually.

About Hilco Merchant Resources, LLC

Based in Northbrook, IL, Hilco Merchant Resources (www.hilcomerchantresources.com) provides high-yield analytical, operational, asset monetization, capital investment and advisory services to help retailers define and execute their strategic initiatives.  Activities fall into seven principal categories: acquisition of disposition of duplicative or underperforming stores; retail company or division wind downs, event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management; loss prevention; and, monetization of furniture, fixtures and equipment.  Over the years, Hilco principals have disposed of assets valued in excess of $150 billion. Hilco Merchant Resources is part of the Hilco organization, a provider of asset valuation, acquisition, disposition and advisory services to an international marketplace through twenty specialized business units. Also headquartered in Northbrook, IL, Hilco maintains offices in major business centers throughout North America and Europe. For more information please visit: (www.hilcotrading.com).

NOTE TO EDITORS: STORE LOCATION LIST FOLLOWS

SOURCE Gordon Brothers Group