Filene

iwegasely.wordpress.com
An auction was to have begun at9 a.m. a week after the bankruptf discount retailer was sold to an affiliatseof Men’s Wearhouse (NYSE:MW) in a biddingt war that lasted several Limited and formal objections to that $67 millionh deal have since been filed in Delawaree bankruptcy court, prompting a judgw to send the chaim back for auction again. Among those objectint to the sale is Crown the company that was first in line tobuy Filene’a assets. The company in a filing this week claimedxthe Men’s Wearhouse transaction didn’t follow bidding procedures and described the auction itself as “q travesty.
” Crown claimed that Men’s Wearhouswe originally said it had no interest in buying Filene’sw assets through an outright sale, but as part of a Crown said Men’s Wearhouse laterr swooped in with a bid that was filed after a court deadline. The new auction was to have begumn at9 a.m. Friday. A hearinfg following the auction is scheduledfor 12:309 p.m., according to court documents. Filene’s Basement sought protectionh from creditors in May in Delaware bankruptcy months after closingseveral stores. Columbus-based Retail Venturesw Inc. (NYSE: RVI), which maintains a majoritu stake in discount shoe retailerDSW Inc.
(NYSE:DSW), sold the chainm this year to FB IIAcquisitiob Corp., a new entity owned by liquidation and turnaround firm Buxbauj Group.