Syms and Filene's Basement file for bankruptcy

Syms and Filene's Basement stores will soon be shutting their doors for good.

Syms, a discount retailer, bought Filene's back in 2009, but has now filed for bankruptcy.

Officials from Syms are blaming both increased competition and the economic downturn.

All 46 Syms and Filene's Basement stores will close early next year. It is expected that 2,500 people will soon be out of a job.

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