Filene's Basement Files for Chapter 11

Plans to sell 17 of 25 stories for $22M
By Matt Cantor,  Newser User
Posted May 4, 2009 9:56 AM CDT
Filene's has filed for Chapter 11 bankruptcy after 100 years in business.   (AP Photo/Mark Lennihan)
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(Newser) – Filene’s Basement filed for Chapter 11 bankruptcy today, the Wall Street Journal reports. The bargain clothing store has struggled in an “increasingly competitive discount retail market,” court papers said. The chain plans to sell 17 of 22 locations to real-estate investors Crown Acquisitions, though it will still hold a required auction in which it hopes to sell the rest of its assets. Crown will keep the century-old Filene’s name, it said.