Daily News: March 27, 2012

Filene’s, Syms Seek Approval of Bidding Procedures to Sell IP

Filene’s Basement, LLC and Syms Corp have filed a motion with the U.S. Bankruptcy Court for the District of Delaware for approval of sale procedures to conduct an auction of their intellectual property rights.

The assets being offered for sale include the Syms and Filene’s Basement trade names as well as some of their house brands such as Stanley Blacker and Maine Bay. Also for sale is the IP in connection with the Running of the Brides event. The sale process is being conducted by Hilco Streambank, the companies’ court-approved advisory firm.

“Numerous parties have expressed an interest in these famous brands,” said David Peress, EVP with Hilco Streambank. “This is an opportunity to acquire a wealth of intellectual property associated with two iconic retail chains and the brands they built over generations. This rich history has given these brands a tremendous level of recognition in the Off-Price Retail space.”

The proposed procedures, if approved by the court at a hearing scheduled for April 10, 2012, set a bid deadline of May 1, 2012 and an auction on May 3, 2012. The proposed procedures also authorize the debtors to select stalking-horse bidders prior to the auction.

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. The two chains filed petitions under Chapter 11 on November 2, 2011.

Hilco Streambank is an advisory firm, specializing in the marketing, sale and valuation of intangible assets for businesses at all stages.

Previously on abfjournal.com:

BusinessWeek: Syms, Filene’s Cancels Auction for Store Leases, Wednesday, December 28, 2011

Hilco Streambank to Sell Filene’s Basement, Syms IP at Auction, Tuesday, November 29, 2011