The K&G Acquisition Corp., a division of The Men’s Wearhouse Inc., outbid two other parties for bankrupt Filene’s Basement late Friday night after a lengthy auction, agreeing to pay more than $60 million for a total of 17 to 20 sites and store inventory.
The deal is for $62 million in cash and the first $5 million of the money Men’s Wearhouse would receive from Vornado Realty Trust. According to sources, since January, Vornado has been paying $500,000 a month to the retailer for not delivering the store that is planned for the prominent and problematic Downtown Crossing development in downtown Boston. (Vornado also made a play for Filene’s Basement, in a joint effort with Syms Corp.)
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)