Filene's Basement closed eleven stores in January and it looks the retailer known for its Running of the Brides events is still struggling and will now have to sell. The Chicago Tribunereports that Filene's Basement was unable to renegotiate leases on its remaining 25 stores. They say the company is now looking for a buyer.
The Burlington, Mass.-based company, known for its "Running of the Brides" wedding gown sales, closed 11 troubled stores, including two in the Chicago area, earlier this year.
Filene's had hoped to renegotiate leases for its remaining 25 stores, but that prospect dimmed as the retail climate worsened, according to Columbus, Ohio-based parent company Retail Ventures Inc.'s filing with the Securities and Exchange.
Since January "the performance of Filene's Basement has continued to deteriorate significantly," the filing said. "RVI has concluded that renegotiation of the remaining leases is not likely to lead to sustainable operations."
WWD and Boston.com also say Filene's is for sale. The Boston.com article says Filene's Basement has "been unresponsive for months to requests seeking payment for merchandise."
Filene's Basement 
