Filene's Accepts Bid from Syms Corp

In round two of the auction war for Filene’s Basement Inc. (Burlington, Mass.), a bid by discount apparel retailer Syms Corp. has been accepted, according to the company and the creditors' committee established in Filene's Basement's Chapter 11 bankruptcy proceedings. If approved, a majority of Filene's Basement store leases, store fixtures and inventory will go to Syms, although the specific terms of the transaction have not been disclosed.

In May, Filene’s Basement agreed to sell most of its stores and assets to Crown Acquisitions for $22 million. Then Men’s Wearhouse emerged as a winning bidder, agreeing to pay $67 million for the clothing retailer. But that auction was contested for not following bidding procedures. A court ordered a second round of bidding, in an auction that started last Friday, leaving Syms and Vornado competing with Men's Wearhouse Inc. for the assets of the discount retailer.

Syms operates 32 off-price apparel stores throughout the Northeastern and Middle Atlantic regions and in the Midwest, Southeast and Southwest.