Filene's Basement Up For Sale

Filene's Basement (Burlington, Mass.) is looking for a buyer as efforts to renegotiate rents are failing. The discount retailer, known for its “Running of the Brides” wedding gown sales, has already closed more than 10 stores since the beginning of the year, including 2 in the Chicago area.

Columbus, Ohio-based parent company Retail Ventures Inc.'s was trying to renegotiate leases for its remaining 25 stores, but that prospect dimmed as the retail climate continued to decline, according to a company filing with the Securities and Exchange Commission. “The performance of Filene's Basement has continued to deteriorate significantly [since January],” the filing said. “Retail Ventures has concluded that renegotiation of the remaining leases is not likely to lead to sustainable operations.”

Filene’s Basement was founded more than a century ago in downtown Boston as a place for the Filene's department store to sell excess merchandise.