Citing Recession, Filene's Basement Files For Ch. 11

Law360, New York (May 4, 2009, 12:00 AM EDT) -- Discount retailer Filene's Basement has filed for Chapter 11 protection and reached a deal to sell most of its 25 stores to an affiliate of Crown Acquisitions.

Filene's Basement has assets of $83.8 million and liabilities of $182 million, according to its bankruptcy petition filed Monday in the U.S. Bankruptcy Court for the District of Delaware.

The deal to sell off 17 of the 25 Filene's Basement stores to Crown, a real estate investment and operating company, will save the chain's most profitable stores and thousands...
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