1.12.10
Rapid Sale of $1.5 M Inventory Shows Demand for
Value Jewelry
6.18.09
Highly successful sale for
Henricks Jewelers Bonita Springs
5.06.09
M.J. Christensen
Plans To
Reopen Under New
Name
5.04.09
Filene's
Basement Files
For Chapter 11
4.29.09
M.J. Christensen
Store Closing
4.23.09
Reviewing All
'Available
Business
Options’ for Filene's
3.24.09
Jewelry Superstore .Offers
Huge Discounts In
Going Out Of Business Sale
11.26.08
Retailers to
Shout 'Value!' from the Rooftops This Holiday Season
9.24.08
Buxbaum Forms Wholesale, Retail
Jewelry Liquidation Venture Western Wear Chains Offering Huge Savings at Special Inventory Sale Shoppers Can Expect Quick Holiday Bargains As Worried Retailers Cut Prices Rosslyn Hotel Renovation into Affordable and Market-Rate Housing Retailers's Shift Away from Purchasing Contracts
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FILENE’S BASEMENT FILES FOR CHAPTER 11 BANKRUPTCY
REORGANIZATION; AGREEMENT REACHED FOR SALE OF 17 STORES TO NEW OPERATOR
WILMINGTON, Del. (5/4/09)—Filene’s Basement today filed to reorganize under
Chapter 11 of the Federal Bankruptcy Code in the U.S. Bankruptcy Court for
the District of Delaware.
Concurrent with the filing, the company announced that it had entered into
an agreement, subject to Bankruptcy Court approval, with an affiliate of
Crown Acquisitions to purchase 17 of the chain’s 25 stores, including the
flagship stores in Boston and Union Square. Crown, which is based in New
York, intends to continue to operate the stores under the Filene’s Basement
name, while maintaining the chain’s value merchandising model.
Crown is one of the largest and most successful real estate and asset
management firms in the country, with an ownership interest in more than 15
million square feet of retail and office property throughout North America.
Crown previously owned and operated the Young World chain of retail stores
in five states.
The contract with Crown is subject to a Bankruptcy Court auction under which
additional offers for the 17 stores, the remaining Filene’s Basement stores,
and other Filene’s assets will be solicited. The auction is expected to be
held in approximately five weeks, subject to the approval of the Bankruptcy
Court.
“This transaction provides an excellent opportunity to continue the Filene’s
Basement tradition of top-quality apparel at low prices in most of the
chain’s marquee locations,” said Scott Rusczyk, President of FB Acquisition
II, the Buxbaum Group affiliate that acquired Filene’s Basement on April 20.
Advisors to Filene’s Basement include Alan Cohen, who was engaged as Chief
Restructuring Officer, and Pachulski, Stang, Ziehl & Jones LLP, which was
retained as counsel. Morris Missry and Scott Lesser of Wachtel & Masyr, LLP,
and Arthur Steinberg of King & Spaulding advised Crown Acquisitions in
connection with this matter.
About Buxbaum Group - Buxbaum Group,
based in Agoura Hills, Calif., has built its reputation for over 30 years as
one of the largest liquidators and appraisers of retail and wholesale
inventories across North America. While continuing to operate in those
areas, the company has shifted its primary focus in recent years to
turnaround investing.
Media Contact: Alan Cohen, Chief Restructuring Officer, Filene’s
Basement (201) 390-9600. |  |  |
|
Buxbaum Group, Appraisals, Appraisers, Asset
Appraisal, Asset Recovery, Inventory Appraisals, Wholesale Inventory
Appraisals, Retail Inventory Appraisals, Liquidations, Liquidators, Going
Out of Business Sales, Special Event Sales, Turnaround Management, Paul
Buxbaum, Stevan Buxbaum, Scott Rusczyk, Jim Siebersma, Chris York, John
Marcos, Arnold Rubenstein, David Buxbaum, Steve Buxbaum, buxbaumgroup.com,
buxtrade.com, buxbaumjewelry.com, buxbaum.com | |
