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Syms Takes Filene's Basement

(Filed Under Fashion News). Off-price retailer Syms is the new owner of Filene's Basement after a bankruptcy judge approved the company's winning bid on June 17. In a June 15th auction for Filene's Basement, Syms won with its $62.4 offer for the majority of the retailer's assets. Previously, Filene's Basement was operating under chapter 11-bankruptcy protection.

This was the second auction for the ailing retailer. Men's Wearhouse won the first auction on June 5th, outbidding competitors with an offer of $67.0 million for between 17 and 20 Filene's Basement stores. However, according to a June 17th article by the CoStar Group, one week later the company was forced to drop the bid after it was unable to secure the necessary funding, reopening the auction. Reports have also circulated that competing bidders-which included Crown Acquisitions, and a partnership consisting of Syms and Vornado Realty Trust-accused Men's Wearhouse of violating auction requirements.

Founded in Boston in 1909, Filene's Basement carries off-price men and women's intimate apparel by brands that include Calvin Klein, DKNY, and Ralph Lauren. Other products the stores carry include home textiles, accessories, and men's and women's apparel.

more Fashion News >>

Published 06-18-2009 by Amanda Torres Price

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