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The bid gives the right to purchase about 20of Filene’zs 25 store leases, inventory from all 25 existinv locations, leases for the company’s headquarters in Burlington, Mass. and distributio center in Auburn, Mass.; as well as the Filene’s Basement tradew name. All of the store’s locationd are in the easternUnitexd States. The bid also includes about $5 millioj associated with potential litigation relatedto Filene’z lease at the currently inactive Downtownn Crossing redevelopment project in Men’s Wearhouse’s bid is subjectf to a hearing in Federal Bankruptcy Court in Del. on June 10.
Filene’s Basement was foundeds in Boston in 1909 by Edward Filene as a way to sell off excessw merchandise fromhis father’s department store upstairs. , an affiliat e of , acquired Filene’s Basement from on April 20. Filene’e Basement filed for reorganization under Chapter 11 onMay 4. “Ws are extremely pleased with the outcome of the Scott Rusczyk, president of FB said in a statement.
“Iv ratified by the court, the Men’d Wearhouse bid allows for the continuationm of one ofthe industry’s most iconic off-price brands under the aegisz of a pre-eminent specialty “Equally important, the agreement is expected to preservwe jobs for the vast majority of Filene’s 1,600-plus while maintaining relationships with many of the vendorxs that historically sold to the chainm and preventing vacancies in at leasgt 17 of the retail properties where the chain was an anchor or sub-anchor tenant.” Storese not to be acquired are expected to be closec by mid-June, according to Men’s Wearhoused (NYSE: MW).
The company is also expected to retainh most employees in the store and corporate facilitieas it is acquiring and will continue tohonor Filene’s Basement gift cards or merchandise credits.