Retail Detail. Filene’s Basement Files Chapter 11

May 5, 2009 • Fashion


This comes as no surprise…Filene's Basement Inc. filed for Chapter 11 bankruptcy protection Monday with a
deal in hand to sell 17 of its 25 stores for $22 million, according to the WSJ.

Filene's is seeking to sell the stores — including its flagship
Boston location — to Crown Acquisitions, a commercial real estate firm
based in New York. Filene's said Crown still intends to operate the stores under the
Filene's name while continuing to sell designer goods at bargain prices.

A few months ago it was reported Filene's would close 11 of its 36 locations to cut back on losses. In Filene's Chapter 11 petition, filed Monday with the U.S.
Bankruptcy Court in Wilmington, Del., the retailer reported $83.8
million in assets and $182 million in liabilities.

WSJ Read "Filene's Files for Chapter 11" here.

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