The demise of Filene’s Basement also means the end of its popular “Running of the Brides†event, where hundreds of frenzied brides-to-be rummage through racks of wedding dresses at discount prices.In a statement, Syms chief executive Marcy Syms said that fierce competition, along with the “worst economic downturn in our lifetimes,†were among the reasons for the move.“The filings today are the result of a process that has been taking place for several months,†Syms said. “Our board has conducted a rigorous assessment of all the strategic options and alternatives available and after careful consideration has come to the conclusion that a bankruptcy filing and liquidation is the best way of maximizing value for all stakeholders.â€Syms interim chief financial officer Gary Binkoski, in Chapter 11 documents filed today, said the brands have determined they are unable to reorganize on a stand-alone basis and concluded the “best way to maximize value … is a prompt and orderly wind-down of the retail businesses that will capitalize on the upcoming holiday shopping business.â€Filene’s Basement has about 21 stores and roughly 1,555 employees, and a distribution center in Auburn, Massachusetts The Chapter 11 filing in US Bankruptcy Court in Delawarelisted between $1 and $10 million in assets and between $50 and $100 million in liabilities.The top creditor, with an unknown claim amount, isthe Pension Benefit Guarantee Corporation. The brand Phillips-Van Heusen Corp. is owed nearly $850,000. Syms hired a financial advisor earlier this year to examine strategic alternatives.This is the company’s third time around with the US Bankruptcy Court, which “is a highly unusual scenario,†according to Brandy Chestas, a senior editor at New Generation Research, Inc, which runs bankruptcydata.com