Syms sells Miami property to stalking horse bidder for $4.35 million

By Lisa Kerner

Charlotte, N.C., Aug. 16 - Syms Corp.'s sale of its Miami property for $4.35 million to Independent Living Systems, LLC was approved, according to documents filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Independent Living Systems was the stalking horse bidder and sole bidder for the property.

Bids were due Aug. 13.

As previously reported, the original bid price of $4.5 million was lowered after it was determined that the property needed repairs.

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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