Bids Heat Up for Filene’s

So there are people looking to buy out there.

Men’s Wearhouse, discount department-store chain Syms and Vornado Realty Trust are all looking to split up bankrupt Filene’s Basement store assets, according to this article. The move comes after investor Crown Acquisitions already agreed to buy 17 of the retailer’s 25 stores for $22 million.

Apparently Syms and Men’s Wearhouse will rebrand the Filene’s stores under their own nameplates. Vornado is involved in order to control the lease of the retailer’s 125,000-square-foot Boston flagship unit.

We know that Filene’s definitely has some good locations. Do you see the bidding going very high, or do you expect others to join the fray?


2 Responses to “Bids Heat Up for Filene’s”

  1. 1 Phil K May 26, 2009 at 7:12 am

    Filene’s Basement was totally dependent on its %100M+ Downtown
    Crossing store for profitability. Clearly the goal of any buyer
    is to control that real estate. K & G is a good fit for many of
    the suburban locations. Syms had been a dismal failure in downtown Boston – would be suprised to see it return, even in a
    better location. By offering to take most of the locations instead of just Downtown Crossing – should limit other suitors who might just be interested in the Boston stores.

  2. 2 M.N.H May 26, 2009 at 7:16 am

    It seems as though the only one of the bidders that is actually looking to keep Filene’s operating, and thus protect thousands of jobs at a time when every job loss is a personal family tragedy, is Crown.

    I am sure the other retailers want to “cherry pick” a location or two but that cannot even be considered as a competing bid. As to Vornado, based upon their history with Toys R Us, can anyone really take them seriously.

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