Filene

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The two companies said they willpay $62.4 millionm for Filene's, according to . Approvalk of the sale is subject to a hearingg set for Wednesday before a federal bankruptcy judgein Delaware. Filene’s had originall agreed in early May to sell most of its storea and assets to Crown Acquisitionsfor $22 million in a deal that left the door open for competinf bids. Men’s Wearhouse then emerged as the winning biddefr inan auction, agreeing to pay $67 million for Crown objected to the Men’s Wearhouse deal, sayinv the transaction didn’t follow bidding In a second court-supervised auction, Syms and Vornado emergec as the winning bidder It was not clear if Syms would acquire all of Filene’as stores.
Both Men’s Wearhousw and Crown had planned to acquire and keep opena majority, but not all of Filene’sx locations. Filene’s Basement filed for bankruptcy protection just monthss after closingseveral locations. This is Filene’es Basement’s second bankruptcy filing. The 100-year old retailer filed for bankruptcyy protection in 1999as well.