According to court papers, Syms plans to liquidate its clothes inventory in a 'going-out of-business' sale prior to Black Friday on November 25th.
According to the filing, Syms will liquidate its stores through January 2012 and is asking for the courts to allow Cushman & Wakefield to sell its near $100 million in real estate assets. Gilt City, the urban retail arm of Gilt Groupe today said it is acquiring assets of the daily deal site BuyWithMe in a push to bolster its sales of women's, men's and children's apparel and accessories, home décor, travel experiences and gourmet food and wine.
According to a press release announcing the deal, BuyWithMe sells local fashion, home and travel retail to over a million customers in services in thirteen markets around the country. For Gilt Groupe founded in 2007 by Ryan, who previously was a pioneer at DoubleClick the BuyWithMe purchase by Gilt City bolsters its planned expansion from operations in ten markets over the next 12 months. Details about the price of the buyout weren't announced.
"This purchase demonstrates Gilt Groupe's commitment to making Gilt City a top player in the local- services industry," said Kevin Ryan, CEO and Founder of Gilt Groupe in a press release announcing the deal. He added, "BuyWithMe complements our philosophy of providing premium offers to customers at great prices. We are excited to capitalize on this incredible opportunity to grow our lifestyle positioning."In February, Gilt's founder Ryan said to the New York Times that the company was considering a 2012 IPO. The comments came after Nordstrom's (JWN - Get Report) bought online fashion deals site HauteLook for $180 milllion in in stock, potentially increasing Gilt's competition. In May, Gilt raised $138 million in a private fundraising from investors like Goldman Sachs (GS - Get Report), Softbank and New Enterprise Associates, which valued the company at over $1 billion. After completing its $3.5 billion sale of Eagle Ford drilling and production assets to Marathon Oil (MRO - Get Report) Tuesday, KKR (KKR - Get Report) is reported by Bloomberg to be considering a $5 billion takeover of privately held shale driller Samson Investment. If rumors prove to be true, it would be KKR's biggest private equity deal since the financial crisis.