Property Types Retail
May 28, 2009
Discount clothing rivals Syms and Men's Wearhouse have entered the bidding war to buy the bulk of bankrupt discount retailer Filene's Basement stores. Earlier this month, Filene's, after filing for Chapter 11 bankruptcy protection, said it would sell 17 of its 25 stores to stalking horse bidder Crown Acquisitions, in partnership with Chetrit Group. But now two more players have entered the ring. According to the New York Post, Syms has teamed up with real estate firm Vornado to help finance its bid, and has its eye on the company's flagship store in Downtown Boston. Each of the bidders reportedly intend to buy at least 15 Filene's locations.
SOURCE: DDi Magazine
Discount clothing rivals Syms and Men's Wearhouse have entered the bidding war to buy the bulk of bankrupt discount retailer Filene's Basement stores. Earlier this month, Filene's, after filing for Chapter 11 bankruptcy protection, said it would sell 17 of its 25 stores to stalking horse bidder Crown Acquisitions, in partnership with Chetrit Group. But now two more players have entered the ring. According to the New York Post, Syms has teamed up with real estate firm Vornado to help finance its bid, and has its eye on the company's flagship store in Downtown Boston. Each of the bidders reportedly intend to buy at least 15 Filene's locations.
SOURCE: DDi Magazine
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