Abacus Advisors ‘Pleased with Outcome’ of Filene’s Basement Asset Sale

NEW YORK, July 9 /PRNewswire/ — Alan Cohen, Chairman of Abacus Advisors LLC, today said that he was “pleased with the outcome” of the recent sale of substantially all assets of Filene’s Basement, Inc. to an affiliate of Syms Corp. (Nasdaq: SYMS).

Cohen, with the assistance of Abacus, has been acting as Filene’s Chief Restructuring Officer since March 30 of this year. Syms acquired substantially all of the assets of Filene’s in the transaction, which was executed under Section 363 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Under the sale, Syms acquired leases for 23 Filene’s store locations and a distribution center, along with inventory, fixed assets and equipment at those locations, as well certain Filene’s contracts, intellectual property, trade names and related assets.

“This transaction assures that Filene’s, the oldest off-price retailer in America, will continue to operate throughout the Northeast and Midwest,” said Cohen, who will continue as the chain’s CRO until the bankruptcy case is completed. Unsecured creditors are expected to be asked to submit proofs of claim before Labor Day, paving the way for Filene’s bankruptcy plan to be confirmed by September or October, creditors paid the following month, and the case concluded by the end of 2009.

“Abacus’s experience in identifying alternative solutions and buyers, and in navigating difficult waters, enabled all key stakeholders to maximize recoveries while preserving the jobs of the majority of Filene’s employees,” Cohen concluded.

About Abacus Advisors LLC

Abacus has decades of experience in restructuring situations, both in and out of bankruptcy proceedings. The New York-based firm provides clients with comprehensive advisory services in the areas of reorganizations, sales transactions, financing, financial restructuring, and valuation. Abacus’s professionals are well versed in all areas of restructuring and include former chapter 11 trustees, legal counsel, senior operating management, and accountants.

SOURCE Abacus Advisors LLC