Fate of Filene

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Last month, Crown Acquisitions agreed to snap up 17 of thediscoungt retailer’s remaining 25 retail locations for $22 million an agreement that is subject to an auctiom in a federal court in whicy additional bids for those 17 stores, the eight remaining locationw and other Filene’s assets will be “We have received expressions of interest from severa parties not only for the stores included in the Crown but also for several additional stores,” said Alan Cohen, chief restructurinv officer of Filene’s adding that he can not disclose the biddere or stores that are being considered.
The company has filed notices with stateas such as Maryland about its plan to possiblg start slashing jobs June 15 if no corporatee suitoris found. The notices warn that 39 employeeds would be cut at its Rockville store at 11840 Rockvillde Pike and 41 would be affected at its Baltimore Inner harbor storee at 600 EPratyt St. Both stores were not listed as ones to be soldto Burlington, Mass.-based Filene’s Basement sought protectionb from creditors in May in Delaware bankruptcy court, monthz after closing several locations, including its stores in Tysons Corne and Arundel Mills Mall. The auction startzs at 9 a.m.
in New York, and any sale will be subjecty to court approval at a hearing to be heldin Del. June 10. “Forf now, it is business as usuall in all Filene’s Basement he said, which explains why a puzzled Filene’s employed in Rockville knew nothing about its potential closing. The auction was moveds last minute to New York at the request ofseveral bidders. Ohio-based (NYSE: RVI) sold the iconic chain this year to FB IIAcquisitiob Corp., a new entity owned by , a liquidatiob and turnaround firm based in Agoura Hills, Calif.