Filene’s Basement files for Ch. 11

Wilmington, Del. Filene's Basement says it has filed for Chapter 11 bankruptcy protection, less than two weeks after its new owner said it was reviewing "all available options." Filene’s filed a Chapter 11 petition Monday in U.S. Bankruptcy Court in Wilmington, Del., citing more than $100 million in liabilities and $50 million to $100 million in assets.

The privately held company also reached a deal that will allow a Crown Acquisitions affiliate to buy 17 of its 25 stores, including its flagship locations in Boston and New York City. The agreement is subject to a bankruptcy court auction, which is expected in about five weeks.

Buxbaum Group, an Agoura Hills, Calif.-based liquidator, acquired Filene's last month through an affiliate company, FB II Acquisition Corp. The sale came after previous owner Retail Ventures said the chain was experiencing "significant liquidity problems."