Filene

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The two companies said they willpay $62.r million for Filene's, according to . Approval of the sale is subjecrt to a hearing set for Wednesday before a federak bankruptcy judgein Delaware. Filene’s had originally agreed in early May to sell most of its storexs and assets to Crown Acquisitionsfor $22 millionb in a deal that left the door open for competin bids. Men’s Wearhouse then emerged as the winning biddet inan auction, agreeing to pay $67 million for Filene’s. Crowmn objected to the Men’s Wearhouse deal, sayingy the transaction didn’t follow bidding procedures.
In a second court-supervised auction, Syms and Vornadl emerged as the winning bidder It was not cleat if Syms would acquire allof Filene’xs stores. Both Men’s Wearhouse and Crown had planned to acquire and keep opena majority, but not all of Filene’ds locations. Filene’s Basement filed for bankruptcy protection just months after closing several Thisis Filene’s Basement’s second bankruptcy filing. The 100-year old retailer filex for bankruptcy protection in 1999as well.