Report: Filene’s Basement auction heats up

Burlington, Mass. As Filene’s Basement went on the block at an auction Friday, three companies still had their sights set on purchasing the company, according to the Boston Globe.

Syms and Men’s Wearhouse both submitted bids for the bankrupt chain on Wednesday. The other bid is from Crown Acquisitions, a New York City-based retail real estate firm.

Both Syms and Men’s Wearhouse claim they each plan to retain approximately 15 of the stores. 

Filene’s filed for Chapter 11 protection in May, claiming that the loss of its flagship store, as well as deteriorating income from poorly performing stores, the recession and the credit crunch all contributed to its demise. The company reported more than $100 million in liabilities and $50 million to $100 million in assets the article said.