What was a store that had big discounts, may end up advertising a going out of business sale. Filene’s has filed for Chapter 11 bankruptcy.
According to RealClearmarkets.com: ” The agreement is subject to a bankruptcy court auction, which is expected in about five weeks. The auction will allow other companies to submit bids for the 17 stores, as well as for the rest of the Filene’s Basement locations and the chain’s other assets.
New York-based Crown, a real estate and asset management company, and Chetrit plan to continue running the 17 stores under the Filene’s Basement name. The companies said they will not liquidate inventory or real estate and hope to grow the business through capital infusions to the most profitable Filene’s Basement stores.
Chetrit, also based in New York, already owns a Filene’s Basement store in Manhattan. It also owns the Sears Tower in Chicago, the tallest building in the U.S. The Sears Tower will change its name to Willis Tower later this year.”
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