The auction for Filene's Basement was adjourned until Monday, the restructuring expert advising Filene's said on Friday, as rival bidders upped the ante over who will ultimately own the Boston-based discount department store. Men's Wearhouse Inc and Crown Acquisitions, a New York retail real estate investment firm, raised its bid to $64.9 million from $63.3 million for 19 stores plus its Boston headquarters, he said.
A rival bid from Syms Corp and Vornado Realty Trust earlier Friday had raised their joint bid to $61.3 million from $60 million, said Terry Corrigan of Abacus Advisors, which is overseeing the Boston retailer's restructuring. The Syms-Vornado bid is has a lower dollar value than offer from the Men's Wearhouse-Crown group but it includes fewer rejected leases.
The bids cover different Filene's stores, Corrigan said, explaining the difference in offers. The auction will resume Monday and immediately be followed by a sale hearing before US Bankruptcy Judge Mary Walrath in Delaware. An affiliate of Men's Wearhouse, K&G Acquisition, had submitted the winning bid at an earlier bankruptcy auction to buy Filene's trade name, 17 store leases and its retail inventory for $67 million. But on Wednesday, the judge overseeing the case, Mary Walrath, ordered the auction reopened after complaints from rival bidders about the auction process.
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