Filene's Basement files for Ch. 11 reorganization
Bankruptcy
Discount retailer Filene's Basement says it has filed to reorganize under 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.
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, plans to continue running the 17 stores under the Filene's Basement name.
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, Retail Ventures Inc., said the chain was experiencing "significant liquidity problems."
Filene's Basement, known for its "Running of the Brides" wedding gown sale, was founded more than a century ago in Boston.
Related listings
-
Chrysler To File For Bankruptcy
Bankruptcy 04/30/2009Storied Detroit automaker Chrysler will file for bankruptcy in New York court almost immediately, senior administration officials said Thursday. "We worked very hard to keep this company out of bankruptcy," one official said on a conference call with...
-
Wamu Sues jpmorgan to Recover $4 Billion in Deposits
Bankruptcy 04/29/2009Lawyers for Washington Mutual Inc. have filed a bankruptcy court complaint against JPMorgan Chase & Co. over some $4 billion in disputed assets. Seattle-based WaMu, which filed for Chapter 11 reorganization along with its Washington Mutual Invest...
-
Investors take Madoff to bankruptcy court
Bankruptcy 04/14/2009A small group of investors took Bernard Madoff to bankruptcy court on Monday, saying the disgraced financier bilked them out of nearly $64 million. A Manhattan judge cleared the way for the newly filed Chapter 7 petition last week by granting a reque...

Victorville CA DUI defense Attorneys
The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.
Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .