Syms, Vornado To Buy Filene's Basement

MAE ANDERSON

NEW YORK (AP) — Discount retailer Syms Corp. and Vornado Realty Trust won an auction for the discount chain Filene's Basement, a Filene's executive said Monday.

The price tag was $62.4 million, according to Alan Cohen, Filene's chief restructuring officer. A court hearing on Wednesday should make it official, he said.

Filene's is operating under Chapter 11 bankruptcy protection. Earlier in the auction process, Men's Wearhouse was announced as the buyer. But other bidders objected to the result last week and accused Men's Wearhouse of failing to meet the auction requirements. ...