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.)
"I think that all anyone really wants in life is to have people understand us for who we actually are, despite everything," says Ruth Negga. The actress talks "Preachers" season 2 and more on WWD.com. #wwdeye (📷: Dan Doperalski)
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