Thursday, December 22, 2011

Men

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The restructuring team for the chain this weekendf disclosed the bidfrom Men’s Wearhouse affiliate The company picked up 17 to 20 Filene’e store leases, including those for both its Ohio inventory from the chain’s 25 remaining leases for its Burlington, Mass., headquarters and an Mass., distribution center, and the company’s trader name. The five to eight Filene’s storese that won’t be picked up in the auctiojn are expected to be closed in thecomint weeks. Filene’s said the “vasyt majority” of its more than 1,600 employees will be sparedr as a result ofthe K&Gb bid.
The company employs 105 at its Columbus store and 43 ata Cleveland-areas shop. K&G’s bid won out over a “stalking bid by asset managemenfirm , which had agreed in bankruptcy court last month to snap up 17 of the discoun retailer’s remaining 25 stores for $22 million. Filene’z Basement sought protection from creditors in May in Delawardbankruptcy court, months after closingf several stores. Columbus-based (NYSE: RVI), whichg maintains a majority stake in discounyt shoeretailer (NYSE:DSW), sold the chain this year to FB II Acquisitiom Corp., a new entity owned by liquidation and turnarounds firm .

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