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Syms, Filene’s unit seek protection

NEW YORK — Discount retailer Syms Corp. and its subsidiary Filene’s Basement have filed for bankruptcy protection and plan to close all 46 of their stores.

Syms acquired Filene’s Basement out of bankruptcy protection in the spring of 2009 for $62.4 million, but struggled to turn the chain around. This is the third bankruptcy protection involving the Filene’s Basement chain.

Syms and Filene’s Basement stores are located mostly in the Eastern U.S. and employ about 2,450 people, the company said.

CEO Marcy Syms said in statement the two discount chains were burdened by increasing competition from department stores offering the same brands at similar discounts and by a rise in the number of private label discounters. She also said there was less overstock for her company to buy as businesses continue to manage their inventory carefully during the tough economy.

TECHNOLOGY

Yahoo hopes to reach readers with iPad magazine

SUNNYVALE, Calif. — Yahoo is joining the computer tablet bandwagon with a digital magazine designed for the iPad.

The magazine software unveiled Wednesday is called Livestand. It can be customized to pull content from Yahoo’s website and other participating publishers to cater to each user’s interest.

Yahoo Inc. is counting on Livestand to keep its brand and services relevant as more people embrace Apple Inc.’s iPad and other mobile devices to consume digital content. Yahoo also hopes the magazine brings in more advertising revenue as it tries to break out of a long-running financial funk.

The slump has frustrated investors and thrown Yahoo’s fate into doubt.

Livestand is debuting nearly nine months after Yahoo first previewed it. At that time, Yahoo hoped to introduce Livestand by the end of June.

• From wire dispatches and staff reports

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