Filene's Basement sold to Liquidation Firm

[store215]

Associated Press
Filene's Basement sold to liquidation firm Buxbaum
Associated Press, 04.22.09, 06:40 AM EDT
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Retail Ventures Inc. has sold its Filene's Basement business to liquidation and turnaround firm Buxbaum Group, saying the Boston-area discount department store has "significant liquidity problems" and its future is uncertain.

Retail Ventures said late Tuesday it won't book any proceeds from this transaction. Filene's Basement has retained Pachulski, Stang, Ziehl & Jones LLP as counsel and Alan Cohen as chief restructuring officer.

Last week, the 25-store chain's owners said sales "continued to deteriorate" since the company closed 11 stores in January. The store, famous for its "Running of the Brides" wedding gown sale, was founded more than a century ago in downtown Boston as a place for Filene's department store t
http://www.forbes.com/feeds/ap/2009/04/22/ap6320594.html


I predict DSW will be liquidated quickly after this as well. They are the only thing left Retail Ventures owns and that division isn't too healthy from what I hear.

[jmcnamara96]

Yea i saw that on Fox25 this morning

[kendra]

That's sad to hear...I was in Boston back in March and I saw where they are renovating the Filene's flagship building downtown...Filene's is long gone now, but the Basement location (in the original basement itself) was supposedly just closed temporarily while the renovations are completed. This news makes me wonder if it will ever open again...

Here's a shot of me in front of the building, you can see the cool stylized Filene's sign in the background...

[nims57]

Wait a minute--are they necessarily GOB?

[Caldor1999]

im not shocked they closed so many locations its kinda sad though they had good stuff at there stores i mean i could find clothing that would fit me unlike the crap they have at Tjmax or marshalls

[ameskmart1]

They have now filed for Chapter 11 bankruptcy
http://online.wsj.com/article/SB124144033162983103.html