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Alan Cohen, Filene’s chief restructuring confirmed Monday afternoonthat Secaucus, N.J.-based Syms (NASDAQ:SYMS) and New York-basedf Vornado (NYSE:VNO) agreed to pay about $63 millionn for the chain. A court hearing is set for Wednesdayh to approvethe deal, Cohen said. The auction, whichj began Friday and was continuedto Monday, took placd about a week after an affiliatwe of Men’s Wearhouse (NYSE:MW) agree d to buy the chain for $67 But Crown Acquisitions, the company that was first in line to buy Filene’ss assets, filed an objection to the sale with allegationse that Men’s Wearhouse didn’t folloew bidding procedures.
Crown in court filings describexd the first auction asa “travesty.” A judgd sent the deal back for auction following Crown’s objection. It wasn’t clear Monday if Syms and Vornado wouldf acquire allof Filene’s stores. Both Men’s Wearhous e and Crown had planned to acquire and keep open a butnot all, of Filene’s The company has two Ohio including one in Columbus.
Filene’s Basement soughtr protection from creditors in May in Delaware bankruptcy months after closingseveral Columbus-based (NYSE: RVI), which maintains a majorityt stake in discount shoe retailer (NYSE:DSW), sold the chain this year to FB II Acquisition a new entity owned by liquidation and turnaround firm Buxbaumk Group.
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