http://www.nbc4i.com/cmh/news/local/article/filenes_basement_files_for_ch._11_protection/15401/
Associated Press
Published: May 4, 2009
WILMINGTON, Del.—Discount retailer Filene’s Basement says it has filed for Chapter 11 bankruptcy protection, less than two weeks after its new owner said it was reviewing “all available options.“
The privately held company also reached a deal that will allow a Crown Acquisitions affiliate to buy 17 of its 25 stores, including its flagship locations in Boston and New York. The agreement is subject to a bankruptcy court auction, which is expected in about five weeks.
Buxbaum Group, a California-based liquidator, acquired Filene’s last month through an affiliate company, FB II Acquisition Corp. The sale came after the previous owner, Columbus, Ohio-based Retail Ventures Inc., said the chain was experiencing “significant liquidity problems.“
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