Filene's Basement has been saved! The chain recently filed Chapter 11 bankruptcy, but some people with cash to throw around are buying it for $22 million. Crown Acquisitions partnered with Chetrit Group to buy 17 of the company's 26 stores. Chetrit Group doesn't have much experience with retail companies, but they're confident in their abilities, the Basement, and Manhattan as a retail market. But most important, they are confident in the crappiness of the economy, which should make running Filene's pretty easy. The luxury castoffs the Basement sells are plentiful in this economy as merchandise at Saks and Barneys goes unsold. So the merchandise Filene's wrangles for its sales floors should be pretty good. In fact, so confident in the crappiness of the economy are the new owners, they may even open another outpost on the Upper East Side. This is either a sign of the apocalypse or a sign that the selection at Filene's is about to get that good. Now they just need to figure out how to make shopping there not feel as depressing as a hospital visit. That thing called interior decorating would be a good place to start.
Most Viewed Stories
Surprise! Good Things Can Come From Awkward, Weird Sex
Ask Polly: How Do I Help My Selfish, Depressed Friend?
The Man Deciding Whether to Cheat on His Sexless Relationship
Big Bad Rent Boys, Sad Little Call Girls, and the Language of Sex Work
Thank You, Nicki Minaj
Justin Bieber’s New Song: One Small Step for Mankind?
Miley Cyrus’s VMAs Outfits, Ranked From Bad to Worse
Everything We’ve Heard From Witnesses in the St. Paul’s Rape Case
Celebrate Your Relationship’s End With a Divorce Selfie
Meet the Woman Who Started a Blog About Female Orgasms
From Our Partners
By Fetishizing Freshness, We’re Wasting a Lot of Edible Food
You Watched My Kid Die. Can We Do Something About Guns?
Who What Wear
This Rare Ashley Olsen Photoshoot Is Amazing
Breast Cancer Survivor Bravely Takes A Stand Against Anti-Planned Parenthood Official
powered by PubExchange
Latest News from The CutAndy Roddick Just Wants to Support All Women
He's only a player on the court.This Is How to Show Up to Fashion Week
Hang ten!Banana Republic Gets a Little Edge
The brand partnered with Timo Weiland for NYFW.What It Means to Be Thick and Fit on Instagram
When curvy trainers put positive labels on their bodies, thousands of women took notice.Here’s the Next Big Celebrity Makeup Artist
Meet Hung Vanngo, master of sexiness.Here Lie All the Dead Celebrity Marriages
An ever-updating tombstone.Get a Toned Back in Just a Few Steps
How to really make an exit.Report: Natalie Massenet Is Leaving Net-a-Porter
The company is set to merge with Yoox.New York Magazine’s ‘Sex Lives’ Podcast: Have We Finally Closed the Orgasm Gap?
Faster than the wage gap, anyway.Men’s-Rights Activists Say They Are Discriminated Against by Women in Tech
And the law says it's okay.
They're no longer dependent on outside entities to bolster their careers.College Kids Now Prefer ‘Funny’ Cigarettes
Students are smoking more pot, less tobacco.Ask Polly: How Do I Help My Selfish, Depressed Friend?
The eclectic tastes of teenagers, as filtered through Vuitton and Saint Laurent.Meet the Woman Who Started a Blog About Female Orgasms
How to Make Me Come is honest, explicit, and radical.Forget Squads — Carrie Brownstein Has a Coven
"We're all over 40."Justin Bieber’s New Song: One Small Step for Mankind?
What to Buy for Under $50, Under $100, and More
Tell us your budget; we'll tell you how to spend it.Seize the Summer in New York City
A design professional wanted to give her backyard the ultimate makeover for a chic party. So she turned to Marc Jacobs Daisy for inspirationRihanna Is Maybe, Probably, Launching a Makeup Line
Just not in the next FourFiveSeconds.