Filene's Basement Sold To Liquidator

BOSTON (AP) — Boston area discount retailer Filene's Basement has been sold to a California-based liquidator.

Retail Ventures Inc., the 25-store chain's owner, sold the chain on Tuesday to Buxbaum Group of Agoura Hills, Calif.

Columbus, Ohio-based Retail Ventures said it "will not realize any proceeds" from the deal, adding that Filene's Basement has "experienced significant liquidity problems" recently.

Although the future of the chain is "uncertain," a spokeswoman says the stores will remain open for now.

Buxbaum officials refused comment.

The store, famous for its "Running of the Brides" wedding gown sale, was founded more than a century ago in downtown Boston as a place for the Filene's department store to sell excess merchandise.