×
1 215
Fashion Jobs
ALEXANDER MCQUEEN
Collection Coordinator Assistant
Permanent · LONDON
ESTÉE LAUDER
Clinique - Consultant - Boots, Oxford - 24 Hours - Part Time, Permanent
Permanent · Oxford
ESTÉE LAUDER
Clinique - Consultant - Boots, Sedley Place London - 37.5 Hours - Full Time, Permanent
Permanent · London
PAUL SMITH
Office Administrator
Permanent · NOTTINGHAM
FRASERS GROUP
Trainee Commercial Manager
Permanent · SHIREBROOK
FOREO
Key Account Manager
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Edinburgh - 26 Hours - Part Time, Permanent
Permanent · Edinburgh
BEARA BEARA
Marketing Executive (Taiwanese)
Permanent · LONDON
BRANDLAB 360 - HULA
Hula by Barbara Hulanicki – Wholesale Sales Manager
Permanent · LONDON
HOMEGOODS
Loss Prevention Detective
Permanent · Countryside
TK MAXX
10933-Loss Prevention Officer Sth Ruislip
Permanent · Ruislip
TK MAXX
10933-Loss Prevention Officer Haringey
Permanent · London
ESTÉE LAUDER
Aveda Haircare Category & Marketing Planning Manager
Permanent · London
ESTÉE LAUDER
Mac - Area Sales And Education Manager - London - Maternity Cover
Permanent · London
RALPH LAUREN
Operations Manager - Gretna
Permanent · Gretna
LUXURY RECRUIT
Head of Digital - Luxury
Permanent · LONDON
LUXURY RECRUIT
Brand Director - Luxury
Permanent · LONDON
LEVI'S
Mobile App Trading & Operations Manager
Permanent · London
BLACK PR
Sales Account Manager
Permanent · LONDON BOROUGH OF HACKNEY
ESTÉE LAUDER
Clinique - Consultant - Boots, Inverness - 18 Hours - Part Time, Permanent
Permanent · Inverness
RELY RECRUITMENT
Head of Finance / Finance Manager
Permanent · LONDON
LEVI'S
Performance Marketing Manager
Permanent · London
By
Reuters
Published
Jun 10, 2009
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Bidders contest Filene's bankruptcy auction result

By
Reuters
Published
Jun 10, 2009

By Chelsea Emery

NEW YORK, June 9 (Reuters) - Several rival bidders for bankrupt retailer Filene's Basement are contesting the results of its auction, saying the $67 million winning bid for the company from Men's Wearhouse (MW.N) was improper.


Filene's Basement's famous 'Running of the Brides'

Crown FB LLC, which had offered to buy some of the assets of Filene's Basement, filed an objection in a Delaware Bankruptcy court on Tuesday 9 June saying that Men's Wearhouse should not be allowed to win the company.

The auction on June 5 was not run in accordance with bid procedures and was a "travesty," Crown said in the filing.

Marcy Syms, the CEO of off-price retailer Syms Corp (SYMS.O), another bidder for Filene's Basement, also filed court papers claiming that Men's Wearhouse had not complied with the bidding rules set by the court and the process was "abused."

Representatives for Filene's Basement and Men's Wearhouse were not immediately available to comment.

Filene's Basement filed for Chapter 11 bankruptcy protection on May 4, and planned to sell all or part of its assets as part of the bankruptcy proceeding, according to court documents. Crown was chosen as the "stalking horse" bidder after offering to purchase the trade name and leases for 17 stores, but not the inventories, for about $22 million. In bankruptcy auctions, the stalking horse bidder typically makes the lead bid at the auction and sets a floor for the bidding.

But an affiliate of Men's Wearhouse, K&G Acquisition, won the auction after offering $67 million for 17 store leases, inventory from all of its locations, leases for the company's headquarters and the trade name.

Crown said, however, the Men's Wearhouse bid should not have been accepted because it was tendered after the bid deadline, among other objections.

A group consisting of Syms Corp and Vornado Realty Trust (VNO.N) had also submitted a competing bid for the assets of $33.25 million plus 70 percent of the cost value of Filene's Basements inventory, according to court papers. An inventory liquidation bid had also been submitted by Gordon Brothers Retail Partners and The Nassi Group.

Neither of the rival bidders said in court papers whether they were considering raising their bids for Filene's Basement, but Syms said the Men's Wearhouse bid contains various extra costs to the company's creditors and "countless contingencies" that reduce its value.

The winning bid is subject to a hearing on June 10.

The case is In re: Filene's Basement Inc., U.S. Bankruptcy Court, District of Delaware, No. 09-11525. (Reporting by Chelsea Emery, additional reporting by Emily Chasan, editing by Maureen Bavdek and Carol Bishopric)

© Thomson Reuters 2022 All rights reserved.