I Live in Atlanta, Georgia; Is it True That Filene's Basement has Filed for Bankruptcy?

Yes! According to Alyssa Newcomb of ABC News, Filene’s Basement has filed for bankruptcy protection. The department store known for its wildly successful Running of the Brides wedding dress sale is planning to liquidate.

Filene’s Basement was opened in 1909 by Edward Filene in order to sell–for discounted prices–the extra merchandise from his father’s Boston department store. Eventually, other retailers began selling their extra merchandise at Filene’s. This led to a trend in retailers selling discounted merchandise, with even high-end retailers like Nordstrom and Saks Fifth Avenue opening outlet stores.

Filene’s has filed for bankruptcy twice before. In fact, Filene’s was bought at auction by its parent company Syms Corp. in June of 2009. Syms Corp. also filed for bankruptcy protection, with total liabilities of approximately $94 million.

21 Filene’s Basement stores will be closing sometime in January. In total, Filene’s Basement employs 1,555 people. So what will happen to these employees? Like many Americans today, they may be left unemployed. If you are unemployed or underemployed, know that you are not alone and there is help. A qualified bankruptcy attorney can discuss the benefits of filing Chapter 13 bankruptcy or Chapter 7 bankruptcy in Atlanta, Georgia. Filing Chapter 13 bankruptcy or Chapter 7 bankruptcy in Atlanta can help you protect your house, car and other assets.

If you are considering filing bankruptcy in Atlanta, Georgia and would like to discuss how bankruptcy can benefit you, please contact The Law Offices of Charles Clapp at (404) 585-0040 for a free initial consultation.