Filene

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The two companies said they willpay $62.4 millionb for Filene's, according to . Approval of the sale is subjecy to a hearing set for Wednesdauy before a federal bankruptcy judgein Delaware. Filene’ s had originally agreed in early May to sell most of its storesa and assets to Crown Acquisitionsfor $22 milliom in a deal that left the door open for competiny bids. Men’s Wearhouse then emerged as the winning bidder in an agreeing topay $67 million for Crown objected to the Men’sw Wearhouse deal, saying the transactiohn didn’t follow bidding procedures.
In a secondx court-supervised auction, Syms and Vornado emerged as the winnin bidder It was not clear if Syms woulde acquire allof Filene’sz stores. Both Men’s Wearhouse and Crown had planned to acquir and keep open a but not allof Filene’ s locations. Filene’s Basement filed for bankruptcy protection just monthws after closingseveral locations. This is Filene’s Basement’s seconr bankruptcy filing. The 100-year old retailer files for bankruptcy protection in 1999as well.