Rachel Dodes reported today in The Wall Street Journal that Filene's Basement filed for Chapter 11 bankruptcy protection yesterday (page B1). Real estate investors Crown Acquisitions and the Chetrit Group submitted an offer of $22 million for the name and leases on 17 of Filene's most profitable stores. 25 stores currently exist in the eastern part of the U.S.
This is the second time Filene's has filed for bankruptcy protection since 1999. The company has struggled with weak financing and strong competition from T.J. Maxx and Ross Stores. I'm anxious to see what happens with this popular discounter that's so famous for their crazy "Running of the Brides" bridal gown event that happens twice a year in Boston.