Article: May boot store from flagship site.(Business)

Article from:
The Boston Herald
Article date:
June 16, 2009
Author:
Copyright

Byline: DONNA GOODISON

Filene's Basement may no longer live up to its name.

Off-price retailer Syms Corp. and developer Vornado Realty Trust were named the new winners of a bankruptcy auction for the Basement chain yesterday, putting into question the future of the original flagship location in Boston's Downtown Crossing.

The two companies bid $62.4 million in cash for 23 of 25 Basement stores, the leases for the original Boston store (which has been closed since 2007) and the Auburn distribution center, and the Basement's trade name and inventory.

Vornado is the Basement's landlord in Downtown Crossing and is seen as eager to reclaim ...

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