Men's Wearhouse Bids High for Filene's
K&G Acquisition Corp., an affiliate of the Men’s Wearhouse retail chain, bid $67 million—the winning bid—for the assets of off-pricer Filene’s Basement. The price covers 17 to 20 store leases, inventory from 25 existing locations, the lease for Filene’s headquarters in Burlington, Mass., and its distribution center in Auburn, Mass., as well as the Filene’s Basement trade name. The bid also includes approximately $5 million associated with “potential litigation revolving around Filene’s lease at the currently inactive Downtown Crossing redevelopment project in Boston,” according to the company. FB Acquisition II, an affiliate of Agoura Hills, Calif.–based Buxbaum Group, acquired Filene’s Basement from Retail Ventures in April and then filed for Chapter 11 reorganization in early May.
