April 22, 2009

Filene’s Basement looks poised to close

Ohio company Retail Ventures Inc. has sold retail chain Filene's Basement, perhaps setting the Boston landmark up for a liquidation sale.

Filene's spokeswoman Mariellen Burns said they are not liquidating, The Boston Globe reported Wednesday. But, the new owner, Buxbaum Group, bills itself as one of the largest liquidators in North America, the newspaper noted.

A spokesman for Buxbaum declined to comment, the Globe said.

In a statement, RVI said it would not realize any proceeds from the transaction, calling the future of Filene's uncertain.

The retailer has shuttered 11 stores this year, keeping 25 stores open. It's flagship outlet at Downtown Crossing in Boston, which accounted for 20 percent of the chain's annual revenue, closed for renovations two years ago, the Globe said.

Recently, the chain has had significant liquidity problems, RVI said in its statement.