By and  on May 4, 2009

Filene’s Basement on Monday filed a voluntary petition for Chapter 11 bankruptcy court protection in Delaware and agreed to sell 17 of its 25 stores, including flagships in Boston and New York, for $22 million to an affiliate of Crown Acquisitions.

Crown, a real estate management firm in New York, said it intends to continue operating the stores under the Filene’s Basement nameplate. The acquisition is subject to bankruptcy court approval.

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