Syms and Vornado Realty Trust to buy Filene’s Basement

New York City Syms Corp. and Vornado Realty Trust won an auction for Filene's Basement, the Associated Press reported. The price tag was $62.4 million, according to Alan Cohen, Filene's chief restructuring officer.

Acourt hearing on Wednesday is expected to make it official, Cohen said.

Filene's is operating under Chapter 11 protection. Earlier in the auction process, Men's Wearhouse was announced as the buyer. But other bidders objected to the result last week and accused Men's Wearhouse of failing to meet the auction requirements.

A judge directed Filene's last week to reopen the process.