Filene’s Basement in Chapter 11
May 4, 2009,
The company also announced it has agreed to sell 17 of it 25 stores to an affiliate of Crown Acquisitions, including its flagship stores in Boston and Union Square. The transaction is subject to court approval.
Crown Acquisitions will operate the stores under the Filene's Basement name and will retain the chain's value merchandising model, the company said.
“This transaction provides an excellent opportunity to continue the Filene's Basement tradition of top-quality apparel at low prices in most of the chain's marquee locations," said Scott Rusczyk, president of FB Acquisition II, the Buxbaum Group affiliate that acquired Filene's Basement last month.
The company expects an auction to take place in approximately five weeks during which the court will consider other offers for the 17 stores as well as offers for the remaining stores and the retailer’s other assets.
Related Content By Author
TEN Collection Wows High Point Market
Home Textiles Today eDaily
Most Viewed Articles
See the November 2017 issue of Home Textiles Today. In this issue, we look at Complex Colors, Complex Times--Trend forecasters and interior designers weigh in on 2018 palettes and motifs. Other articles include: Data: Exclusive HTT soft window research; Innovation: Material Changes conference preview; Country report: India invests in the future and Fabrics: Showtime preview.