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Filene's Basement Gets New Owner

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Jun 5, 2009 11:00 pm US/Eastern

Filene's Basement Gets New Owner

BOSTON (AP) ―

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

The K&G Acquisition Corp. will buy the Basement name, about 20 of its 25 stores, all inventory, the lease for the flagship Boston location in Downtown Crossing, and leases for the company's Burlington headquarters and Auburn warehouse.

The bankruptcy auction, held Friday in New York, had fielded at least two other offers.

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.