Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

6 of 15
BACKNEXT
Filene's Basement dresses down
Filene's Basement dresses down
This bargain basement may have passed on a few too many deals to its customers. Filene's Basement filed for Chapter 11 bankruptcy protection in May with assets of up to $100 million and liabilities of as much as five times that amount.

The company said the credit crunch coupled with consumers pulling back made its debt burden unmanageable.

Fellow discount retailer Syms agreed to pay $65 million for the company, which was actually founded in a Boston basement in 1909. Syms bought 23 of the retailer's 25 store leases as well as its inventory -- which includes everything from Seven jeans to Prada merchandise. The stores will continue to operate under the Filene's Basement name.

NEXT: Extended Stay need a refresh

Last updated September 25 2009: 2:55 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
14 gifts gamers would actually want Whether you're shopping for a Pokémon GO fan or someone who owns every console ever made, we've got holiday shopping recommendations to suit everyone from beginners to the most discerning gamer. More
14 coolest toys for the holiday season Our list of must-have toys includes a self-hatching interactive pet, a coding toy for toddlers and a high-tech Barbie Dreamhouse. More
The 10 most expensive colleges this year The 10 most expensive colleges in the U.S. charge more than $66,000 for tuition, fees, room and board for the 2016-2017 school year. More

Special Offer