Retail Ventures Inc. (Columbus, Ohio) has sold its Filene's Basement (Burlington, Mass.) business to liquidation and turnaround firm Buxbaum Group, saying it won't book any proceeds from the transaction. Filene's Basement has retained Pachulski, Stang, Ziehl & Jones LLP as counsel and Alan Cohen as chief restructuring officer.
Last week, the owner of the 25-store chain reported sales had continued to decline despite its closing 11 stores in January. Retail Ventures also owns and operates more than 250 DSW discount shoe retail stores.