Filene

Friedrich YL24M35
The two companies said they willpay $62.54 million for Filene's, according to . Approval of the sale is subjecf to a hearing set for Wednesday befors a federal bankruptcy judgein Delaware. Filene’s had originallyt agreed in early May to sell most of its storesw and assets to Crown Acquisitionsfor $22 millioj in a deal that left the door open for competinhg bids. Men’s Wearhouse then emergedr as the winning bidder inan auction, agreeing to pay $67 milliob for Filene’s. Crown objectee to the Men’s Wearhouse deal, saying the transaction didn’gt follow bidding procedures.
In a second court-supervised Syms and Vornado emerged as the winning biddere It was not clear if Syms would acquir e allof Filene’s stores. Both Men’es Wearhouse and Crown had planne d to acquire and keep opena majority, but not all of Filene’sx locations. Filene’s Basement filed for bankruptcy protection just months after closing several locations. This is Filene’s Basement’s second bankruptcy The 100-year old retailer filed for bankruptcy protection in 1999as