Filene’s Basement is officially on the block, but the move by parent Retail Ventures Inc. might not be enough to stave off a bankruptcy filing by the off-pricer.
Retail Ventures said in a regulatory filing with the Securities and Exchange Commission late Thursday that it would classify the business as “held for sale” in its annual statements. The filing also said that due to the reclassification of Filene’s, the group would need additional time to close its books for the year, and that it would file its annual report no later than May 1. Retail Ventures also owns the DSW shoe chain. It spun off an 81 percent share of Value City Department Stores in January 2008, and that business was later liquidated.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)