The next round of the battle for Filene’s Basement is scheduled to enter its second week today with the resumption of the auction for the bankrupt off-price retailer.
On Friday, The Men’s Wearhouse Inc. and Crown Acquisitions, a New York real estate firm, joined forces and bid $67.7 million. Rival Syms Corp. and its financial partner, Vornado Realty Trust, bid $61.3 million.
According to sources close to the process, Syms and Vornado are expected to move higher when bidding resumes, and Men’s Wearhouse and Crown Acquisitions are expected to do the same.
A source familiar with the bidding said it has become “amazingly complex for so small a deal.”
In May, Crown Acquisitions became the stalking horse bidder and said it would buy Filene’s Basement’s assets, including 17 of its 25 stores, for $22 million. On June 5, however, an affiliate of Men’s Wearhouse, K&G Acquisition Corp., outbid both Crown and the Syms-Vornado team with an offer of $67 million.
Last week, both Crown and Syms submitted documents with the Delaware bankruptcy court alleging that the auction failed to follow court-approved procedures. The auction reopened on Friday but could not be concluded.
Filene’s Basement filed for Chapter 11 bankruptcy court protection on May 4, less than two weeks after being acquired by FB II Acquisition Corp., an affiliate of Buxbaum Group. Filene’s Basement’s previous owner, Retail Ventures Inc., said the off-pricer suffered from liquidity issues. A number of stores were closed earlier this year.
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion
“I’m Russian and I love to use all these little tricks that I got from my grandma or my mom. We didn’t have a lot of money for creams or anything like that so we would use a garden as a beauty treatment regime. We’d put cucumber in the fridge and do a cucumber mask,” says model @irinashayk on one of her beauty hacks. WWD asked celebs what their go-to self-care rituals are. See what Naomie Harris, Freida Pinto and more said on WWD.com. #wwdeye #wwdbeauty (📷: @zefashioninsider)
Exclusive: @viktorandrolf are teaming up with @Zalando on a collection made from leftover clothing. The lineup, which lands at the retailer February 1, includes 17 pieces adorned with sliced up and repurposed overstock from the retailer’s private label collection. Pictured here is a look from the collection –– see more on WWD.com. #wwdfashion #wwdnews
@duewestnyc is the newest bar joining the collection of intimate neighborhood-focused spaces in the West Village. The cocktail menu, which includes bitters and syrups made in-house, offers a “Build Your Own Old-Fashioned” – like the one pictured here – where guests can choose from a list of spirits and unexpected sugars and bitters. #wwdeye
Spotted at last night’s National Board of Review gala in NYC: Angelina Jolie. Jolie – along with Meryl Streep, @lupitanyongo and more – continued the all-black dress code from Sunday’s Golden Globes. #wwdeye (📷: @lexieblacklock)