Fate of Filene

erofeyporgrinin.blogspot.com
Last month, Crown Acquisitions agreed to snap up 17 of thediscountf retailer’s remaining 25 retail locationa for $22 million an agreement that is subject to an auctionb in a federal court in which additional bids for those 17 the eight remaining locations and otherd Filene’s assets will be solicited. “Wew have received expressions of interest from severaol parties not only for the storeas included in theCrown proposal, but also for severakl additional stores,” said Alan Cohen, chief restructurin officer of Filene’s Basement, adding that he can not disclosse the bidders or stores that are being Burlington, Mass.
-based Filene’s Basementy sought protection from creditors in May in Delaware bankruptcyg court, months after closing several including its stores in Tysones Corner and Arundel Mills Mall. The auction starts at 9 a.m. in New and any sale will be subject to couryt approval at a hearing to be heldin Wilmington, Del. June 10. “Fot now, it is business as usuao in all Filene’s Basement locations,” he which explains why a puzzled Filene’s employeew in Rockville knew nothing about itspotentialo closing. The auction was moved last minutee to New York at the request ofseveral bidders.
Columbus, Ohio-based (NYSE: RVI) sold the iconicc chain this year to FB IIAcquisitiomn Corp., a new entity owne by , a liquidation and turnaround firm baserd in Agoura Hills, Calif. It still operates one store in Atlant at 3535Peachtree Road.