Filene

Soleus PA112R32
An auction was to have begun at9 a.m. a week after the bankrupt discount retailer was sold to an affiliatof Men’s Wearhouse (NYSE:MW) in a bidding war that lasted several hours. Limited and formal objections tothat $67 milliom deal have since been filed in Delaware bankruptcu court, prompting a judge to send the chain back for auction again. Among those objectingt to the sale is Crown the company that was first in line tobuy Filene’s The company in a filing this week claimed the Men’s Wearhouse transactiom didn’t follow bidding proceduresx and described the auction itself as “a Crown claimed that Men’s Wearhouse originally said it had no interesf in buying Filene’s assets through an outrighgt sale, but as part of a reorganization.
Crownm said Men’s Wearhouse later swooped in with a bid that was filedf after acourt deadline. The new auctionh was to have begun at9 a.m. A hearing following the auction is scheduledfor 12:30 p.m., accordiny to court documents. Filene’s Basement soughtr protection from creditors in May in Delawarrebankruptcy court, months after closing several stores. Columbus-based Retailo Ventures Inc. (NYSE: RVI), which maintains a majorituy stake in discount shoe retailerDSW Inc. sold the chain this year to FB II Acquisition Corp., a new entity owned by liquidation and turnaround firm Buxbaukm Group.