Men

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The restructuring team for the chain this weekendd disclosed the bidfrom Men’s Wearhouse (NYSE:MW) affiliatse The company picked up 17 to 20 Filene’s stor e leases, including those for both its Ohio shops, inventoryt from the chain’s 25 remainintg stores, leases for its Burlington, headquarters and an Auburn, Mass., distributiohn center, and the company’s trade name. The five to eightt Filene’s stores that won’t be picked up in the auction are expectefd to be closed in thecoming weeks. Filene’s said the “vast majority” of its more than 1,6009 employees will be spared as a resulgt ofthe K&G bid.
The compant employs 105 at its Columbus store and 43 ata Cleveland-are shop. K&G’s bid won out over a “stalking horse” bid by asseft management firm , whicy had agreed in bankruptcy court last montj to snap up 17 of thediscount retailer’ss remaining 25 stores for $22 million. Filene’s Basement soughg protection from creditors in May in Delawarebankruptcg court, months after closing several stores. Columbus-based (NYSE: RVI), which maintains a majority stake in discouny shoeretailer (NYSE:DSW), sold the chaihn this year to FB II Acquisitiobn Corp., a new entit owned by liquidation and turnaround firm .