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Article: VALUE CITY MAKES TAKEOVER BID FOR FILENE'S BASEMENT; PURCHASE STILL NEEDS APPROVAL OF BOSTON BANKRUPTCY COURT.(Brief Article)
- Article from:
- Daily News Record
- Article date:
- February 4, 2000
- Author:
CopyrightCOPYRIGHT 2000 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Value City Department Stores is set to breathe new life into a well-established but bankrupt off-price retail institution, Filene's Basement.
Confirming reports that had circulated since last month, Value City said Thursday that, through its wholly owned Base Acquisition Corp. subsidiary, it has an agreement with Filene's Basement to take control of the chain. The purchase, however, is still subject to Boston bankruptcy court approval.
Terms of the deal were not disclosed, but sources pegged the purchase price at $50 million. Value City said the deal would close by mid-March.
The acquisition includes the14 Basement stores in ...