Syms seeks OK of bid procedures for $4.5 million Miami property sale

By Caroline Salls

Pittsburgh, July 18 - Syms Corp. requested court approval of the bid procedures for the proposed $4.5 million sale of its Miami, Fla., property, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Independent Living Systems, LLC is the stalking horse bidder.

Syms said the sale of the property is crucial to its efforts to confirm a Chapter 11 plan and maintain the required mid-September plan effective date.

According to the bid procedures motion, the company is proposing a bid deadline of noon ET on Aug. 13, an Aug. 14 auction and an Aug. 16 sale hearing. The bid procedures hearing is scheduled for July 31.

If Independent Living Systems is not the high bidder, it will receive a $135,000 breakup fee.

Syms is also seeking court approval to pay a $112,500 broker's fee in connection with the proposed sale.

Syms, a Secaucus, N.J.-based off-price clothing retailer, filed for bankruptcy on Nov. 2, 2011 along with wholly owned subsidiary Filene's Basement. The joint Chapter 11 case number is 11-13511.

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