Have a wedding coming up and need a cheap dress? Have no fear; the famous annual wedding dress sale at Filene’s Basement, “The Running of the Brides” is here to stay.
This past weekend it was announced that K&G Acquisition Corp., an affiliate of Men’s Wearhouse, will be buying the Filene’s Basement chain for $67 million and plans to keep most of the existing stores open.
All but six stores were bought in the deal -- those not included, none of which are in Chicago, will be closing by mid-June.
The Filene's chain is known for its “Running of the Brides” sale event and for selling name-brand clothes at a discount. The new owners have agreed to keep the brides running.
Bidding at an auction on Friday started at $22 million and ended with the $67 million winning proffer, a figure the company's chief restructuring officer said was beyond its expectations.
The sale to Men’s Wearhouse includes Filene’s Basement brand, up to 20 store leases, all inventory and leases for the company’s Burlington, Mass., headquarters and a distribution center in Auburn, Mass. The bid includes another $5 million from Vornado Realty Trust to settle a dispute with Filene's related to its lease in a downtown Boston location.
The bid needs final approval from the bankruptcy court judge overseeing the Filene’s case. The store entered Chapter 11 court protection on May 4 to reorganize under the protection of the court according to the Boston Herald .
So slow down, deal-seeking Chicagoans. There's no need to run to Filene’s Basement today. It will be here for all your future weddings, and continue to offer bridal gowns at fabulous prices.