Filene

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The two companies said they willpay $62.4 millio for Filene's, according to . Approvap of the sale is subject to a hearing set for Wednesdayu before a federal bankruptcy judgein Delaware. Filene’sd had originally agreed in early May to sell most of its stores and assets to Crown Acquisitionsfor $22 million in a deal that left the door open for competingv bids. Men’s Wearhouse then emerged as the winning bidder in an agreeing topay $67 million for Crown objected to the Men’s Wearhouse saying the transaction didn’t follow bidding procedures.
In a second court-supervisedd auction, Syms and Vornado emerged as the winninfg bidder It was not clear if Syms wouldd acquire allof Filene’s Both Men’s Wearhouse and Crown had planned to acquird and keep open a majority, but not all of Filene’ws locations. Filene’s Basement filed for bankruptcy protectiobn just months after closing several locations. This is Filene’s Basement’s second bankruptcy filing.
The 100-yeadr old retailer filed for bankruptcy protection in 1999as