ATLANTA,None — Filene’s Basement, famous for its annual "Running of the Brides", is closing its 21 stores, including one in Buckhead, the discount department store chain’s parent announced Wednesday.
Syms, which is also closing its 25 Syms stores, said it could not compete against larger rivals and the sour economic climate, according to a CNNMoney report. It is filing for Chapter 11 bankruptcy and will close the stores by the end of January 2012.
"This has been a challenging time for Syms and Filene's Basement," Chief Executive Officer Marcy Syms said in a statement. "We have been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts."
Every year, the Running of the Brides at Filene's Basement at Lenox Marketplace on Peachtree Street brings eager brides-to-be and their helpers scrambling for a deeply discounted wedding dress of their dreams. The horde gathers well before the 8 a.m. and the strategy is to grab as many gowns, priced at $250, $500 and $700, as possible.
Syms bought Filene’s Basement out of bankruptcy in 2009.