Filene

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The two companies said they willpay $62.4 milliobn for Filene's, according to . Approval of the sale is subjec t to a hearing set for Wednesda y before a federal bankruptcy judgsin Delaware. Filene’s had originally agreed in earlyg May to sell most of its storews and assets to Crown Acquisitionsfor $22 millionb in a deal that left the door open for competing bids. Men’s Wearhouse then emergec as the winning bidder inan auction, agreeingb to pay $67 million for Filene’s. Crown objected to the Men’s Wearhouse deal, sayinbg the transaction didn’t follow biddinh procedures.
In a secondr court-supervised auction, Syms and Vornado emerged as the winnin g bidder It was not clear if Syms would acquire allof Filene’s stores. Both Men’s Wearhous and Crown had plannef to acquire and keep opena majority, but not all of Filene’es locations. Filene’s Basement filed for bankruptcuy protection just months afte closingseveral locations. This is Filene’es Basement’s second bankruptcy filing.
The 100-year old retailer filed for bankruptcgy protection in 1999as