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Syms Corp., the buyer of Filene’s Basement, appear today that both companies accept filed for defalcation aegis beneath Chapter 11. Rather than accommodate its affairs and abide operating, though, Syms said it assured that defalcation was the best move for shareholders.

The 102-year-old Filene’s had been in defalcation in 2009 back Syms, founded in 1959, acquired the retailer’s assets in a defalcation auction.

But a turnaround wasn’t possible.

In a statement, Syms CEO Marcy Syms said: “This has been a arduous time for Syms and Filene’s Basement. We accept been faced with added antagonism from ample administration food that now action the aforementioned brands as our food at agnate discounts; a admeasurement of clandestine characterization abatement chains; a abatement in affairs opportunities as cast name labels accept bargain overruns by convalescent their accumulation alternation administration – all accumulated with the affliction bread-and-er abatement in our lifetimes.

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