Syms wins approval of bid procedures for sale of its Miami property

By Jim Witters

Wilmington, Del., July 31 - Syms Corp. received court approval on July 31 for bid procedures for the proposed sale of its Miami property.

The purchase price for stalking horse bidder Independent Living Systems, LLC was reduced to $4.35 million from $4.5 million after an inspection of the property revealed needed repairs, debtors attorney Jason M. Liberi told the U.S. Bankruptcy Court for the District of Delaware.

Under the approved procedures, bids are due on Aug. 13. An auction, if needed, will be held Aug. 14. And the sale hearing is scheduled for 1 p.m. ET on Aug. 16.

The court also approved a $135,000 breakup fee should Independent Living not be the successful bidder.

A broker's fee of $112,500 was also approved.

Liberi said the sale of the Miami property is an essential step toward confirmation and consummation of Syms' Chapter 11 plan.

A plan confirmation hearing is scheduled for Aug. 29. The company hopes to exit bankruptcy on Sept. 15, Liberi said.

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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