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.)
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"