Filene’s Union Square store closing Thursday

December 27, 2011 02:17PM

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Filene’s Basement at 4 Union Square South

Since announcing bankruptcy and the closure of all its stores last month, bargain clothing retailer Filene’s Basement has been having liquidation sales set to run through next month. Racked learned, however, that this Thursday the Union Square store, at 4 Union Square South, will be closing for good.

ABC News reported in early November that in total, 25 Syms locations and 21 Filene’s Basement stores are set to shutter, with closings occurring next month, after the liquidation. In New York City, there is also a Syms/Filene’s combination store on the Upper West Side at 2222 and 2228 Broadway between 79th and 80th streets, and a Filene’s in Queens at 187-04 Horace Harding Expressway in Flushing.

Syms purchased Filene’s out of bankruptcy protection for $62 million in 2009, but Syms has been having financial problems as well. It was reported in late October that parent company, Secaucus, N.J.-based Syms, owner of Filene’s Basement, may be pulling out of plans to lease 34,000 square feet at Crown Acquisitions’ 530 Fifth Avenue because of cash flow problems. [Racked]