Jeweler's $6.3M Claim Tossed In Filene's Basement Bankruptcy

Law360, New York (May 08, 2013, 8:02 PM ET) -- A federal judge on Wednesday shot down jeweler Ultra Stores Inc.’s $6.3 million breach-of-contract claim against bankrupt Filene’s Basement LLC, saying that when the retailer closed down all its outlets, it’s responsibility to honor the contract ceased.

In 2007, Ultra signed a contract to run the jewelry departments in all Filene’s Basement’s stores, but after the company declared bankruptcy in November 2011 and subsequently shuttered its locations, Ultra claimed it was owed about $6.3 million to compensate it for lost future profits.

“Both parties agree that...
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