Syms, Filene's Basement intellectual property to be sold at auction

By Caroline Salls

Pittsburgh, Nov. 29 - Hilco Streambank will sell Syms Corp. and Filene's Basement, LLC's intellectual property at auction as part of the liquidation of Syms and Filene's Basement, according to a Hilco Streambank news release.

The intellectual property sale is subject to court approval.

Hilco Streambank said the intellectual property includes the trademarked Running of the Brides name and Filene's Basement trade name, as well as the Syms trade name, various trademarks, internet URLs, websites and other assets.

Hilco Streambank said in the release that it has already begun marketing the assets and is seeking a stalking horse bidder. Bids will be considered for the complete portfolio or individual brands.

"It is no surprise that we have already received expressions of interest in the IP from apparel retailers and investment firms specializing in brand revitalization and management," Hilco Streambank executive vice president Jack Hazan said in the release.

"We fully expect a robust auction."

According to the release, going-out-of-business sales began at 19 Syms, 14 Filene's Basement and six combined store locations in 12 states and the District of Columbia on Nov. 16.

Sales are expected to run through the holiday season.

Syms, a Secaucus, N.J.-based off-price clothing retailer, filed for bankruptcy on Nov. 2 in the U.S. Bankruptcy Court for the District of Delaware, along with wholly owned subsidiary Filene's Basement, LLC. The joint Chapter 11 case number is 11-13511.

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