(Filed Under Financial and General Interest News). California liquidation company Buxbaum Group, the new owner of Filene’s Basement, said that it is reviewing "all available options" for the ailing retailer.
BuxBaum Group acquired Filene’s Basement through its affiliate company, FB II Acquisition Corp, on April 22nd. Filene’s Basement’s previous owner, Retail Ventures, cited "significant liquidity problems" among reasons for the acquisition, and there have been reports in recent months that the century-old Boston-based retailer faced bankruptcy. Retail Ventures said that it did not realize any proceeds from the acquisition transaction.
President of FB II Acquisition Corp., Scott Rusczyk, said that no changes to Filene’s operations, management or board of directors have been made, adding: "We are working with existing management and the company’s advisors to review all available business options."
Advisors to Filene’s Basement include Alan Cohen, recently hired as chief restructuring Officer, and Pachulski, Stang, Ziehl & Jones LLP as counsel.
Filene’s Basement currently has 25 stores nationwide after announcing plans to close 11 stores in January.
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