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Filene's Basement for Sale

4/21/2009 12:03:00 AM
Uh oh, looks like closing 11 stores didn't help (here). Filene's Basment is in some serious trouble, to the point where they've now put themselves up for sale.

Since deciding to close 11 stores earlier this year, Filene's Basement's performance "has continued to deteriorate significantly since that time," according to the regulatory filing by Retail Ventures Inc., the merchant's parent company. Attempts to renegotiate leases for the remaining 25 stores, the corporate office in Burlington, and the company's warehouse, "is not likely to lead to sustainable operations for Filene's Basement,"
Retail Ventures said in the filing.

As a result of these developments, Filene's Basement will be put up for sale and listed as a discontinued operation for Retail Ventures.

Not a good sign when they say things aren't "likely to lead to sustainable operations." Hopefully some retail smartypants can buy them and turn things around. Probably close more stores, only focus on the profitable ones and rebuild from the ground up.

Click (here) for the article.

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