Filene

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Filene’s had originally agreed in early May to sell most of its storeas and assets to Crown Acquisitionsafor $22 million in a deal that left the door open for competingv bids. Men’s Wearhouse then emergesd as the winning bidder in an agreeing topay $67 million for Crown objected to the Men’s Wearhouse saying the transaction didn’t follow bidding procedures. In a seconcd court-supervised auction, Syms has emerged as the winning bidder, accordinh to , citing people with knowledge ofthe sale, willing to pay $63 millioh for the Filene’s chain.
Both Men’s Wearhouse and Crowm had planned to acquire and keep open a but not allof Filene’s locations, including its Inner Harbod location. Filene’s Basement filed for bankruptcy protectionm just months after closing several including its stores in Columbia and Hunt Thisis Filene’s Basement’s second bankruptcy filing. The 100 year old retaileer filed for bankruptcy protectionn in 1999as well.