Report: Filene's Basement up for sale

Boston Filene's Basement is being put up for sale.

Retail Ventures, which said sales have "continued to deteriorate" since it closed 11 Filene’s Basement stores in January, will classify the business as “held for sale” in its annual statements, according to a report in Women’s Wear Daily.

The company had previously begun negotiating the chain’s remaining 25 store leases.

The company also said it would continue to pursue alternatives to address its own challenges as a result of the liquidity issues at its Filene’s unit, the report said.

The report also said that the reclassification of Filenes would mean Retail Ventures would need additional time to close its books for the year and that it would file its annual report no later than May 1.