FINAL SALE AT FILENE’S
Filene’s Basement is reopening an auction to sell itself to the highest bidder after prematurely declaring a Men’s Wearhouse affiliate the winner.
Filene’s Basement, the discount retailer that is operating under Chapter 11 bankruptcy protection, had announced on Sunday that an affiliate of Men’s Wearhouse had won with a $67 million bid in an auction last week.
But two other bidders — Crown FB LLC and discount store Syms — have objected and accused Men’s Wearhouse of failing to meet the auction requirements.
A judge directed Filene’s on Wednesday to reopen the process. A new auction is set for today.
Filene’s Chief Restructuring Officer Alan Cohen says it is unclear whether all three original bidders would participate.
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