BOSTON ( TheStreet) -- The third time isn't a charm and likely spells the end for Filene's Basement, which on Wednesday filed for bankruptcy for the third time.

Syms ( SYMS), which owns Filene's, the discount clothing retailer, also filed for Chapter 11 protection.

Both retailers plan to close in January after the holiday season.

"This has been a challenging time for Syms and Filene's Basement. We have been faced with increased competition from large department stores that now offer the same brands as our stores at similar discounts," CEO Marcy Syms said in a statement.

Shares of Syms rose 88 cents, or 11.5%, to $8.55 on Wednesday.

Syms acquired Filene's Basement out of bankruptcy in 2009. Filene's also filed for bankruptcy in 1999.

-- Written by Joseph Woelfel

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