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Basement chain sold at auction

AN affiliate of Houston, Texas-based Men's Wearhouse Inc was the successful bidder for the 100-year-old Filene's Basement chain after bidding US$67 million for the off-price American retailer at a bankruptcy auction.

K&G Acquisition Corp will buy the Basement name, 17 to 20 of its 25 stores, all inventory, the lease for its flagship Boston location, headquarters and warehouse.

The bankruptcy auction, held last Friday in New York, had seen at least two other offers, the Boston Herald said.

The bid, which requires bankruptcy court approval, includes stores in Boston's Back Bay, Newton, Watertown and Braintree.

The Basement filed for bankruptcy protection on May 4 for the second time in a decade.


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