Report: Men's Wearhouse to buy Filene's Basement for $67M

Houston An affiliate of the Men’s Wearhouse will buy Filene’s Basement for $67 million.

In an auction that went late into Friday night, K&G Acquisition Corp. had the winning bid to buy 17 to 20 of the chain's 25 stores, including other assets, according to the Boston Herald.

The bid blows away the $22 million proposed purchase price by Crown Acquisitions last month.

The purchase still requires bankruptcy court approval.

The Houston-based retailer, which has $1.97 billion in annual sales, won the bidding war with Secaucus, N.J.-based Syms.

Filene's Basement filed for bankruptcy protection on May 4 for the second time in a decade.