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Going-Out-of-Business Sale Begins Wednesday, November 16th at the Remaining 39 SYMS and Filene's Basement Stores in 12 States and the District of Columbia

BOSTON, Nov. 15, 2011 /PRNewswire/ -- A huge going-out-of-business sale begins Wednesday, November 16, 2011 at 19 SYMS, 14 Filene's Basement and 6 combined store locations in 12 states and the District of Columbia. As the holiday season approaches, discounts up to 30% off the lowest ticketed price will be offered on all merchandise at every location.

Incredible values can be found on over $100 million worth of inventory, including men's and women's business attire, sportswear, outerwear and children's apparel, many carrying famous name designer labels. A large selection of accessories, toys, gifts and more is also offered at savings up to 30%. In conjunction with the inventory sale, SYMS and Filene's Basement will be selling all store furniture, fixtures and equipment, including shelving, apparel racks, lighting, chairs, tables and more.

Marcy Syms, CEO of SYMS Corp., stated, "My father used to say 'an educated consumer is our best customer'. As we mark the end of an era for these two retail chains, I encourage all of our loyal customers to take advantage of this one-time opportunity to find exceptional discounts on all merchandise as the holiday season begins."

Both SYMS and Filene's Basement gift cards will be honored throughout the sale. All sales made on or after November 16 are final. Returns made on any merchandise purchased prior to November 16, 2011 will be handled in compliance with existing return policy for SYMS and Filene's Basement.

The going-out-of-business sales were approved by the U.S. Bankruptcy Court in the District of Delaware in connection with bankruptcy petitions filed by SYMS and Filene's Basement and are being managed by a joint venture between Gordon Brothers Group, LLC and Hilco Merchant Resources, LLC. A spokesperson for the joint venture said, "We expect this will be a short sale as consumers get a jump on their holiday shopping. Those who act quickly will have the best opportunity to take advantage of terrific values and choose from the broadest product selection."

Be sure to continually check the SYMS and Filene's Basement websites (www.syms.com and www.filenesbasement.com) throughout the sale for updates and more.

Syms Corp. was founded by Sy Syms in 1959. Filene's Basement traces its roots back to 1909 and founder William Filene. SYMS acquired assets of Filene's Basement, Inc., which had filed for bankruptcy, in a bankruptcy auction in 2009. Syms Corp. and Filene's Basement, LLC collectively own and operate 46 "off-price" apparel stores (7 of which are already in the process of closing) located predominantly on the east coast of the United States under the "SYMS" name (which, together with co-branded SYMS/Filene's Basement stores, are owned and operated by Syms Corp.) and the "Filene's Basement" name (which are owned and operated by Filene's Basement, LLC).

About Gordon Brothers Group, LLC

Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, appraising assets, providing debt financing, making private equity investments, and operating businesses for extended periods. Gordon Brothers Group conducts over $50 billion in transactions and appraisals annually.

About Hilco Merchant Resources, LLC

Based in Northbrook, IL, Hilco Merchant Resources (www.hilcomerchantresources.com) provides high-yield analytical, operational, asset monetization, capital investment and advisory services to help retailers define and execute their strategic initiatives. Activities fall into seven principal categories: acquisition of disposition of duplicative or underperforming stores; retail company or division wind downs, event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management; loss prevention; and, monetization of furniture, fixtures and equipment. Over the years, Hilco principals have disposed of assets valued in excess of $150 billion. Hilco Merchant Resources is part of the Hilco organization, a provider of asset valuation, acquisition, disposition and advisory services to an international marketplace through twenty specialized business units. Also headquartered in Northbrook, IL, Hilco maintains offices in major business centers throughout North America and Europe. For more information please visit: (www.hilcotrading.com).

NOTE TO EDITORS: STORE LOCATION LIST FOLLOWS

           Store Name             Address                   City        ST
    SYMS               5300 Powerline                Ft. Lauderdale    FL
    SYMS               4615 NW 77th Avenue           Miami             FL
    SYMS               Kendall Lakes Plaza           Miami             FL
                       13899 SW 88th Street
    SYMS               3251 Hillsborough Avenue      Tampa             FL
                        Strawberry Fields Shopping
    SYMS                Center                       West Palm Beach   FL
                       4400 Forest Hill Blvd
    SYMS               1803 Roswell Road             Marietta          GA
    SYMS               5775 Jimmy Carter Boulevard   Norcross          GA
    SYMS               280 West North Avenue         Addison           IL
    SYMS               1900 Chapman Avenue           Rockville         MD
    SYMS               21700 Telegraph Road          Southfield        MI
    SYMS               1865 E. Marlton Pike          Cherry Hill       NJ
    SYMS               330 Route 17 North            Paramus           NJ
    SYMS               One Syms Way                  Secaucus          NJ
    SYMS               555 King Georges Rd           Woodbridge        NJ
    SYMS               42 Trinity Place              New York          NY
    SYMS               8075 Sheridan Drive           Williamsville     NY
    SYMS               1340 Swedesford Rd            Berwyn            PA
    SYMS               10770 Westheimer              Houston           TX
    SYMS               1000 E. Broad St              Falls Church      VA
    Filene's Basement  1133 Connecticut Ave          Washington        DC
    Filene's Basement  Mazza Gallerie                Washington        DC
                       5300 Wisconsin Ave
    Filene's Basement  529 14th St NW                Washington        DC
    Filene's Basement  17651 Biscayne Blvd           North Miami Beach FL
    Filene's Basement  Lenox Marketplace             Atlanta           GA
                       3535 Peachtree Rd
    Filene's Basement  1 North State St              Chicago           IL
    Filene's Basement  830 N Michigan Ave            Chicago           IL
    Filene's Basement  497 Boylston St               Boston            MA
                                                      Newton Upper
    Filene's Basement  215-227 Needham St             Falls            MA
    Filene's Basement  Lockwood Place                Baltimore         MD
                       600 East Pratt St
    Filene's Basement  1400 Northern Blvd            Manhasset         NY
    Filene's Basement  Union Square                  New York          NY
                       40 East 14th St
    Filene's Basement  Fresh Meadows                 Queens            NY
                       187-04 Horace Harding
                                                      Warrensville
    Filene's Basement  Harvard Park Shopping Center   Heights          OH
                       4045 Richmond Rd
    Filene's Basement/
      SYMS             652 Commerce Drive            Fairfield         CT
    Filene's Basement/
      SYMS             267 Berlin Turnpike           Hartford          CT
    Filene's Basement/
      SYMS             560 Boston Providence Highway Norwood           MA
    Filene's Basement/
      SYMS             295 Tarrytown Road            Elmsford          NY
    Filene's Basement/
      SYMS             2220-2226 Broadway            New York          NY
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    Filene's Basement/
      SYMS             695 Merrick Avenue            Westbury          NY
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SOURCE Gordon Brothers Group